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Former England, Newcastle United Football Legend Settles IFA Legal Dispute

Robbie Lawther

16 June 2017

Former England international footballer Alan Shearer has reached a settlement in his claim for negligent advice against an independent financial advisor, according to media reports. 

The 46-year old took his financial advisor Kevin Neal to the high court, claiming he was “careless” and “dishonest”. Shearer also claimed pension specialist breached its regulatory duties.

Shearer, who played for Newcastle United and Blackburn Rovers, was suing Neal for around £9 million ($11.46 million) in damages. But it is reported that Shearer has agreed a settlement with Neal and Suffolk Life. 

Amounts paid by Neal and Suffolk Life will remain private.

Shearer had also started proceedings against two now-defunct companies, Kevin Neal Associates and Kevin Neal Associates Wealth Management. But according to his barrister, Gerard McMeel, a deal was settled for "an undisputed £5 million". However, because both companies are defunct, they will have to pay a fraction of the fee.

Justice Leggatt, judge for the case, said he was "glad the parties had managed to reach an agreement". 

During the case, McMeel said his client “had limited knowledge or experience” of making investments, and he and his wife relied on professional advisors and “those with responsibility to look after their interests”, reports said.

According to the BBC, Neal, who was defending himself, said the couple had made “serious money” out of one investment fund. 

Neal also said they had “pushed” him to put more money into one fund and added, he had not been “gung-ho” and had “acted in good faith at all times”.

It was reported that Javan Herberg, representing Suffolk Life, said Shearer’s claims that Neal had “effectively swindled” the couple required investigation.