F1 News
Jordan sues HSBC after losing eye-watering sum in 'low risk' investment
Eddie Jordan is suing HSBC after they advertised a 'low-risk' investment that has cost him the eye-watering sum of £5million. The former Formula 1 boss is taking the bank to the High Court in London, claiming he was pressured to invest in something which was advertised as 'low-risk'.
The former team boss has been involved in Formula 1 for several decades. The now 76-year-old founded his own team, Jordan Grand Prix, in 1991 and had drivers such as Michael and Ralf Schumacher, and Damon Hill compete for him. The team itself remains on the grid today as it has morphed into the Silverstone-based Aston Martin via various different guises, including Force India.
Jordan has worked as a pundit for various outlets and currently runs his own podcast with David Coulthard. Amind the announcement earlier this year that Adrian Newey was to leave Red Bull Racing, it became known that Jordan was Newey's manager.
Jordan sues HSBC
According to a report in The Times, Jordan's investment company, Pendragon Investment Holdings, has said that HSBC applied pressure to invest in a fund which only had a 1% chance of loss in the worst-case scenario. Jordan wasn't aware that the fund invested in high-risk sectors. The same report suggests that HSBC profited (£4.2 million) from the admin fees and interest despite the fund itself losing 10% of its value.
Jordan is seeking £4.94 million from HSBC, which is what he lost after the fund matured compared to his original investment.
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