Former England and Newcastle football player Alan Shearer has agreed to a settlement after suing Suffolk Life for breach of regulatory duty and a financial adviser for negligent advice centred on pension investments, it has been revealed.
According to BBC News, the High Court in London had been informed that Suffolk Life had breached its regulatory duties and that Shearer was given “dishonest” and “careless” advice by financial adviser Kevin Neal.
Both parties have disputed Shearer’s claims after he launched a £9m High Court damages claim.
Shearer had also planned to sue two non-operational companies – Kevin Neal Associates and Kevin Neal Associates Wealth Management.
Leading Shearer’s legal team, barrister Gerard McMeel said the ex-footballer’s claims were centred on pension investments.
McMeel explained in a written case outline that Shearer and his wife Lainya relied on “those with responsibility to look after their interests” as they had “limited knowledge or experience” of making investment decisions.
Defending himself in the trial, Neal said that the Shearer made “serious money out of one investment fund” and that they had “pushed” him to move more money into one fund. He hadn’t been “gung-ho” about it but “acted in good faith at all times”, BBC News revealed.
It was reported yesterday that a lawyer told the judge that an agreement had now been made between Shearer, Neal and Suffolk Life.
A Suffolk Life spokesperson told Pensions Age: "Suffolk Life confirms that the case between it and Mr and Mrs Shearer has been settled on mutually satisfactory terms and with no admission of liability."