Alan Shearer agrees settlement after £9 million High Court damages claim
The former England and Newcastle footballer had sued financial adviser Kevin Neal and pension specialist Suffolk Life.
Former England football star Alan Shearer has agreed a settlement with a financial adviser and a specialist pension firm after claiming that he was given “negligent” advice and launching a £9 million High Court damages claim.
The 46-year-old former Southampton, Blackburn and Newcastle centre-forward had sued Kevin Neal and Suffolk Life, which is based in Ipswich, Suffolk.
A judge started overseeing a trial at the High Court in London on Wednesday and Shearer, now a media soccer pundit, had been due to go into the witness box on Thursday.
But a lawyer told Mr Justice Leggatt that an agreement had been reached between Shearer, Mr Neal and Suffolk Life.
Barrister Gerard McMeel, who led Shearer’s legal team, said the terms of the agreement were confidential.
Shearer, who had been at the hearing with wife Lainya, left court without comment.
A Suffolk Life spokeswoman said the case had been settled on “mutually satisfactory terms and with no admission of liability”.
Lawyers had indicated that the case centred on a Shearer pension worth around £4 million.
Shearer complained about investment advice he was given and said he had lost millions of pounds.
He said Mr Neal was “careless” and “dishonest” and that Suffolk Life breached fiduciary and regulatory duties.
Suffolk Life and Mr Neal had disputed his allegations.
Mr Neal told Mr Justice Leggatt that claims were “just driven by pure greed and ego”.
Shearer, who comes from Newcastle-upon-Tyne, stopped playing in the top flight more than a decade ago after a soccer career spanning 18 years.
He made more than 600 appearances in top-level club football and won more than 60 England caps.