Crispin Odey Abandons £79 Million Libel Lawsuit Against Financial Times
In a significant legal development, former hedge fund manager Crispin Odey has formally withdrawn his £79 million libel claim against the Financial Times. The lawsuit centered on the newspaper's reporting of sexual misconduct allegations made by multiple women against Odey. His legal representatives stated that Odey was compelled to accept that the FT would likely succeed in establishing a public interest defense for its journalism.
Background of the Allegations and Legal Proceedings
The Financial Times published a series of investigative articles in 2023, featuring accounts from twenty women who alleged sexual assault and harassment by Odey over a span of five decades. Odey has consistently denied these allegations. Following the publication, Odey initiated the libel claim in May 2024, asserting that the reports caused him substantial financial losses and damaged his reputation.
In a letter from his lawyers, they explained Odey's decision to drop the claim, noting that after enduring a stressful three-week trial challenging his ban from the financial services industry, he did not wish to pursue another lengthy and costly court battle. The letter emphasized that even if Odey could demonstrate he was not the violent predator portrayed in the articles, he believed the FT would prevail on the public interest issue.
Impact on Odey Asset Management and Regulatory Actions
The allegations had severe repercussions for Odey's professional life. He was removed from Odey Asset Management, the hedge fund firm he founded in 1991, which was once among Europe's largest. The firm announced plans to close in October 2023. Additionally, in March 2025, the Financial Conduct Authority provisionally banned Odey from working in financial services and fined him £1.8 million for a lack of integrity. The regulator stated that Odey attempted to obstruct a disciplinary process related to the sexual harassment allegations, deeming him unfit for any role in the industry.
Financial Times' Response and Defense
The Financial Times had prepared a robust defense, with fifteen women willing to testify in court to support the newspaper's reporting. FT editor Roula Khalaf hailed the withdrawal of the lawsuit as a vindication for investigative journalism and the victims who shared their stories. Khalaf asserted that the FT was always confident in its reporting and described the case as one that should never have been brought. The newspaper's stance underscores the importance of public interest journalism in holding powerful figures accountable.
Ongoing Legal and Regulatory Developments
Odey's decision to drop the libel claim follows a three-week hearing where he challenged the FCA's ban. The trial at the Upper Tribunal in London, presided over by Mr Justice Thompsell, Upper Tribunal Judge Jones, and member Cathy Farquharson, is scheduled to resume in May for closing arguments from both sides. This ongoing regulatory battle highlights the broader scrutiny facing Odey in the financial sector.
The case has drawn attention to issues of corporate governance, media freedom, and accountability in high-profile industries. It serves as a reminder of the legal complexities involved in balancing individual reputation rights with the public's right to know about allegations of misconduct.
