Former England captain Alan Shearer is suing his one-time financial adviser Kevin Neal, as well as pension specialist Suffolk Life for £9m in damages.
Premier League goal record holder Mr Shearer claims Mr Neal was ‘careless’ and ‘dishonest’ in his management of the Match of The Day pundit’s pension investments, while Suffolk Life failed to abide by its regulatory duties.
Setting out the case against Mr Neal and Suffolk Life Mr Shearer and wife Lainya’s barrister Gerard McMeel said his client relied on the experts to “look after their interests.”
Mr McMeel told the judge, Mr Justice Leggatt, in a written case outline, that Mr Shearer had "limited knowledge or experience" of making investments.
He said Mr Shearer and his wife relied on professional advisers and the claims focus on decisions made relating to a personal pension, which had been worth more than £4m.
Defending himself, Mr Neal said that the couple had done well out of one investment fund and that the claim “is just driven by pure greed and ego.”
Suffolk Life’s lawyer Javan Herberg said Mr Shearer and his advisers were responsible for their investment decisions.
Mr Neal, who is defending himself, said the Shearers had made "serious money" out of one investment fund.
Mr Neal said the judge, Mr Justice Leggatt, will need to decide whether Mr and Mrs Shearer were naïve or sophisticated investors.
dan.moore@ft.com
