Explained: Why former Man Utd star Chris Smalling is suing his former financial advisors
**Legal Battle Unfolds: Chris Smalling’s £750,000 Lawsuit Against Former Advisors**
Former Manchester United stalwart, Chris Smalling, finds himself embroiled in a legal tussle with his former financial advisors, KWM Wealth Ltd, as he seeks reimbursement of £750,000 ($947,000). The saga, unfolding in the High Court, sheds light on alleged mismanagement of Smalling’s finances during his tenure with the Red Devils.
In 2015, while donning the United jersey, Smalling entrusted his financial affairs to KWM Wealth Ltd after a meeting at his Manchester residence. Promised sound investment advice, the 34-year-old was advised to allocate £80,000 monthly into bonds, a decision he now deeply regrets. Unbeknownst to him, this purportedly prudent investment would later unravel into a financial quagmire.
Fast forward to 2021, Smalling was blindsided by the revelation of a staggering 45 percent tax liability upon attempting to withdraw his investment. Shockingly, he alleges never being apprised of the exorbitant fees and charges, amounting to a jaw-dropping £97.7 million ($123m) over the bond’s 50-year term. Feeling betrayed and financially shackled, Smalling initiated legal proceedings against KWM Wealth Ltd in January 2024, seeking restitution for expenses incurred until October 2023.
However, the legal skirmish promises to be arduous, with KWM Wealth Ltd vehemently refuting Smalling’s claims as “without foundation.” Undeterred, Smalling remains resolute in his pursuit of justice, vowing to reclaim the hefty sum paid over the years.
As the courtroom drama unfolds, Smalling’s focus on the pitch remains unwavering. Representing AS Roma under the stewardship of Daniele De Rossi, Smalling braces for a crucial clash against Lazio on April 6 at the Stadio Olimpico. With Champions League aspirations at stake, Smalling strives to lead his team to victory, amidst the backdrop of his legal battle off the field.
