Shearer was due to give evidence in court on Thursday after accusing his former financial adviser Kevin Neal, of liquidated Kevin Neal Associates, of being “careless” and “dishonest”.
The Newcastle legend also claimed that self-invested personal pension (Sipp) specialist Suffolk Life, which was acquired by the Curtis Banks Group in 2016, breached its fiduciary and regulatory duties.
Both Neal and Suffolk Life disputed his allegations, with Neal claiming that the claims were “just driven by pure greed and ego”.
Settlement
A lawyer representing Shearer told presiding justice Leggatt on Thursday that an agreement had been reached between the former footballer, Neal and Suffolk Life.
The terms of the agreement are confidential, Shearer’s lawyer Gerard McMeel said.
High Court bid
Shearer started his legal action against Neal in January in an attempt to reclaim up to £6m after being, what he believed was, mis-sold investments.
He invested his pension in a British Virgin Islands incorporated fund, on the advice of former insurance salesman Neal.
The fund invested in selected US life insurance policies, which are also known as death bonds.
At the time, Neal described Shearer’s accusations as “spurious”.
