Eddie Jordan sues HSBC over £5m loss

Eddie Jordan is suing HSBC for allegedly encouraging him to borrow £47 million to invest in a “low-risk” fund that lost him £5 million.

The former Formula 1 boss’s investment company, Pendragon Investment Holdings, claims that advisers at HSBC’s private bank put pressure on it to invest in the HSBC GIF Global Credit Floating Rate bond fund between 2019 and 2023. The fund was presented as having only a 1 per cent chance of loss in the worst-case scenario.

Jordan did not realise that the fund invested in high-risk sectors including the Chinese property market as well as in Zimbabwe, Russia and Turkey.

The fund lost about 10 per cent of its value when it matured at the end of last year. Meanwhile, HSBC made