Credit: carltonreid; retouched by DFS454, via Wikimedia Commons
Former England and Newcastle football star Alan Shearer has reached a settlement with adviser Kevin Neal and Suffolk Life, as he looked to sue both parties for £9m, claiming “negligent financial advice”.
Shortly before he was due to give evidence, however, the 46-year-old Match of the Day pundit reached a confidential settlement with Neal and Suffolk Life.
A spokesperson for the latter said: “We confirm the case between Suffolk Life and Mr and Mrs Shearer has been settled on mutually satisfactory terms and with no admission of liability.”
Shearer (pictured) took the case to the High Court to claim £9m in damages for “negligent financial advice”.
In his initial claim, Shearer alleged Neal was “careless” and “dishonest” and that pensions specialist Suffolk Life “breached its regulatory duties”. Both Suffolk Life and Neal disputed the claims.
Shearer had looked to sue Neal’s two now-inoperative companies – Kevin Neal Associates and Kevin Neal Associates Wealth Management.
‘Limited knowledge or experience’
According to the BBC, the initial court claims were centred on pension investments, with McMeel’s case outline arguing Shearer and his wife Lainya had “limited knowledge or experience” of investments.
It said that Shearer relied on professional advisers and “those with responsibility to look after their interests”.
Javan Herberg, who represented Suffolk Life, said Shearer and his advisers were responsible for their investment decisions.
Neal, who defended himself, claimed he “acted in good faith at all times” and that the Shearers had in fact “pushed” him to put more money into one fund and that he had not been “gung-ho”.
He said the Shearers had made “serious money” out of one investment fund and said the footballer’s claim was “just driven by pure greed and ego”.