Former England football captain Alan Shearer has settled his claim against against financial adviser Kevin Neal and Suffolk Life.
Suffolk Life had been joined as a defendant in a £9m High Court action by Shearer against financial adviser Kevin Neal for negligence for ‘careless’ and ‘dishonest’ pensions advice. Suffolk Life had been sued for breach of regulatory duties.
Shearer is reported to have settled on a figure of around £5m.
The Daily Mail reports that the dispute between Shearer and Neal related to an investment of Shearer’s pension assets in British Virgin Islands fund Fortress International Fund Ltd.
A spokesperson for Suffolk Life says: “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.”