The High Court has heard evidence that 16 players asked their agents to recommend a financial adviser.
They were then put in touch with Formation Asset Management Ltd, which then gave them advice on a number of investments.
They paid commission for this BUT they were not told the money would be shared with the agents, the High Court was told.
There are 17 claimants, 16 past or present football players and one financial advisor.
Amongst the claimants are former Newcastle United stars from the 90s: Andy Cole, Shaka Hislop and Robbie Elliott.
The other 13 players include the likes of Robbie Savage and Danny Murphy who are high profile working in the media these days.
The other 13:
John Curtis (Manchester United, Nottingham Forest), Sean Davis (Fulham, Portsmouth), Stephen Hughes (Arsenal, Coventry), Denis Irwin (Manchester United), Tommy Johnson (Notts County, Aston Villa), Zat Knight (Fulham, Bolton), Danny Murphy (Liverpool, Fulham), Ian Pearce (Blackburn, West Ham), Robbie Savage (Leicester, Derby), Jonathan Short (Derby, Blackburn), Jamie Smith (Crystal Palace), Gary Teale (Wigan), Tony Vidmar (Rangers).
They defendants are claiming it was accepted ‘market practice’ for money to change hands in this way.
The defendants are:
Formation Group Plc, Formation Asset Management Ltd (in liquidation), Ian Battersby, David McKee, Kevin McMenamin, Paul Stretford and George Urquart.
Mr Justice Morgan said that a further hearing will take place at a future date.