Alan Shearer was given negligent financial advice, the High Court in London has been told.
He claims financial advisor Kevin Neal was “careless” and “dishonest”, while pension specialist Suffolk Life had breached its regulatory duties.
Both Suffolk Life and Mr Neal dispute the claims, with Mr Neal describing them as driven by “pure greed and ego”.
Mr Shearer is also suing two defunct companies – Kevin Neal Associates and Kevin Neal Associates Wealth Management.
‘Serious money’
The barrister leading Mr Shearer’s legal team, Gerard McMeel, said the claims centred on pension investments.
In a written case outline, he said his client had “limited knowledge or experience” of making investments and he and his wife Lainya relied on professional advisers and “those with responsibility to look after their interests”.
Javan Herberg, representing Suffolk Life, said Mr Shearer and his advisers were responsible for their investment decisions.
He said Mr Shearer’s claims that Mr Neal had “effectively swindled” the couple required some investigation.
Mr Neal, who is defending himself, said the Shearers had made “serious money” out of one investment fund.
‘Gung-ho’
He said it was for the judge, Mr Justice Leggatt, to decide whether the Shearers were “naive” or “sophisticated” investors.
Mr Neal said the Shearers had “pushed” him to put more money into one fund, and he had not been “gung-ho”, but had “acted in good faith at all times”.
He added: “This claim is just driven by pure greed and ego.”
In his 18-year playing career Shearer made more than 600 appearances for clubs including Newcastle, Southampton and Blackburn, and won more than 60 England caps.
The trial continues. BBC News