Pensions 

Shearer reaches settlement over advice dispute

Shearer reaches settlement over advice dispute

Former England football star Alan Shearer has agreed a settlement after claiming he was given “negligent” financial advice and launching a £9m High Court damages claim.

Mr Shearer, 46, had sued financial adviser Kevin Neal and pension specialist Suffolk Life.

Mr Justice Leggatt started overseeing a trial at the High Court in London on Wednesday, but a lawyer representing Mr Shearer told the judge on Thursday that an agreement had been reached between the star, Mr Neal and Suffolk Life. 

Barrister Gerard McMeel said the terms of the agreement were confidential.

Lawyers had indicated that the case centred on a Shearer pension worth around £4m.

Mr Shearer, now a pundit on Match of the Day, 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.

Mr Neal and Suffolk Life, based in Ipswich, disputed his allegations.

Mr Neal told Mr Justice Leggatt the claims were “just driven by pure greed and ego”.

Suffolk Life lawyers said Mr Shearer faced “very serious obstacles”.

Mr 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.

damian.fantato@ft.com

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