More than 100 investors including former Lazard International chairman Ken Costa and Investec private equity head Christian Hess are suing film partnerships firm Ingenious over the schemes.
The Mail on Sunday reports investors have issued a writ in the High Court against Ingenious and more than 50 associated companies.
These include Coutts, HSBC Private Bank and UBS. They declined to comment.
HM Revenue & Customs has challenged the use of Ingenious’s film partnership schemes which have raised money from 1,300 investors, including footballers and other celebrities.
The total sum that could be claimed by investors who say they were not advised of the risks of the schemes is estimated at £12bn.
In a statement to the newspaper, Ingenious said: “The film partnerships run by Ingenious Media have already generated over £1bn in taxable income for the UK Treasury. They helped to bring movies including Avatar, Vera Drake and Hotel Rwanda to the screen and are clearly run for profit. These claims are entirely without merit and we will vigorously defend any actions brought against us.”