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Ex-England football and Newcastle United star Alan Shearer has reached an out-of-court settlement with his former financial adviser over allegations of negligent advice.
Shearer (pictured) sued his former IFA Kevin Neal for £9 million over claims the adviser was ‘dishonest’ and ‘careless' when he offered advice to the player.
Lawyers representing Shearer have now told the judge in the case that the two parties have reached an agreement, the Daily Mail reports. The details of this settlement are confidential.
Neal was director of the firm Kevin Neal Associates when he gave the advice to Shearer.
In 2011 Kevin Neal Associates stopped trading and the advice firm went into default in February 2016 according to the Financial Services Compensation Scheme (FSCS).
The firm has faced legal action from a ‘number of former clients’ according to its liquidators report and its professional indemnity insurer voided policies between 2004 and 2011 ‘on the basis that the director made incorrect statements on the proposal forms’.
Kevin Neal Associates has six upheld customer complaints from the Financial Ombudsman Service against it.
Shearer yesterday appeared briefly in the Admiralty and Commercial Court in London yesterday. His testimony was not heard as lawyers on both sides continued their negotiations.
Lawyers suggested that Shearer's pension was worth around £4 million. The Match of the Day pundit also accused pension provider Suffolk Life of negligence over the case.
A spokeswoman for Suffolk Life said the case was 'settled on mutually satisfactory terms and with no admission of liability'.
Neal declined to comment on the outcome of the case.