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Alan Shearer reaches settlement in £9 million negligence claim

Alan Shearer, the former Newcastle United and England football player, has reached a settlement after launching a £9 million “negligent financial advice” claim earlier this week.

The 46-year-old was suing financial advisor Kevin Neal and pensions specialist Suffolk Life.

The claim relates to “careless” and “dishonest” advice given in relation to Mr Shearer’s pension savings – worth around £4 million.

Mr Neal had disputed the allegations, saying the football player’s claims were “just driven by pure greed and ego”.

The trial began at the High Court in London on Wednesday, but lawyers told Mr Justice Leggatt – who was overseeing the claim – that both parties had reached an agreement.

The terms of the settlement have remained confidential.

The firm formerly run by Mr Neal, Kevin Neal Associates, ceased trading in 2011.

According to its liquidator report, the firm faced a number of legal actions from former clients, and its PI insurer voided policies between 2004 and 2011 “on the basis that the director made incorrect statements on the proposal forms”.

As the companies are now defunct they will only have to pay a fraction of the final figure, said lawyers representing Mr Shearer.

Mr Justice Leggatt said he was “glad the parties had managed to reach an agreement”.

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