The Mail on Sunday reported last weekend that Shearer, 46, invested his pension in the Fortress International Fund Ltd, incorporated in the British Virgin Islands, on the advice of former insurance salesman Kevin Neal.
The Fortress International fund invested in selected US life insurance policies, which are also known as ‘death bonds’.
The newspaper said Shearer was taking the legal action to reclaim up to £6m after being ‘mis-sold’ the investments.
The Mail on Sunday stated it had seen a 2013 letter from lawyers for a firm that provided professional indemnity insurance for Neal and his company, claiming he made false statements to them by stating that Fortress Fund did not invest in such products, which are regarded as high-risk.
Quoting from a series of text messages it received, the paper said Neal had described Shearer’s High Court claim as “spurious”.
