Stan Collymore is suing financial advisers, claiming their professional negligence cost him almost £1 million.
He is also suing financial adviser Mark Francis who trades as Chase Independent Financial Advice and is fighting the action.
Collymore's agent Paul Mace said today: "We can confirm that Stan is taking court action in connection with these matters but at this time - pending the outcome of the proceedings - we are not able to comment further."
Chase Independent Financial Advice are based in Cannock. A woman at the offices said today: "You will have to talk to Mr Francis about this court case and he is not available to comment at the moment."