Key Takeaways
- • Crispin Odey has withdrawn his £79 million libel claim against the Financial Times, conceding that the newspaper would likely succeed in establishing a public interest defense in court.
- • The FT's defense included testimony from 15 women willing to testify in court regarding sexual misconduct allegations, with some accounts not previously made public, according to court filings disclosed before withdrawal.
- • Odey's decision follows a three-week regulatory hearing before the Upper Tribunal, where he challenged a Financial Conduct Authority ban from the financial services industry; during those proceedings, he admitted to an incident of sexual assault involving an employee in 2005.
- • The libel claim, originally filed in May 2024, stemmed from FT articles published in 2023 in which multiple women accused Odey of sexual assault and harassment spanning several decades.
- • Odey's legal team cited financial and personal strain from prolonged litigation as a key factor in abandoning the claim, despite maintaining that certain aspects of the FT's portrayal were contested.
Summary
Crispin Odey, founder of Odey Asset Management, has withdrawn his £79 million libel lawsuit against the Financial Times, effectively ending one of the hedge fund industry's most significant legal disputes. In a letter issued by his legal team on April 13, 2026, Odey acknowledged he had been "forced to accept" that the FT would likely succeed in establishing a public interest defense in court. The withdrawal represents a decisive victory for the newspaper's editorial judgment and the individuals who came forward with allegations.
The case originated from a series of FT articles published in 2023, in which approximately 20 women accused Odey of sexual assault and harassment over five decades. Odey had initiated the libel claim in May 2024, claiming he suffered "very significant financial loss" as a result of the reporting. However, when the FT disclosed its defense strategy, the strength of the newspaper's position became apparent. The publication indicated it had secured commitments from 15 women willing to testify in court, including some whose accounts had not been previously disclosed publicly.
The timing of Odey's withdrawal is significant, arriving shortly after a grueling three-week hearing in the Upper Tribunal, where Odey challenged the Financial Conduct Authority's decision to ban him from the financial services industry. During that regulatory proceeding, Odey admitted to an incident of sexual assault involving an employee in 2005—a concession that substantially weakened his libel defense. His legal team's statement explicitly referenced the toll of the Upper Tribunal litigation, stating that Odey did not wish to "pursue another lengthy trial at considerable cost, only to fail on the issue of public interest."
The allegations triggered significant consequences for Odey and his firm. Following the 2023 media coverage, Odey was removed from Odey Asset Management, the hedge fund he established in 1991. The firm, once among Europe's largest hedge fund companies, announced plans to close in October 2023. The FT welcomed Odey's withdrawal as validation of its reporting standards and a recognition of the courage demonstrated by the women who came forward to provide testimony.
The case originated from a series of FT articles published in 2023, in which approximately 20 women accused Odey of sexual assault and harassment over five decades. Odey had initiated the libel claim in May 2024, claiming he suffered "very significant financial loss" as a result of the reporting. However, when the FT disclosed its defense strategy, the strength of the newspaper's position became apparent. The publication indicated it had secured commitments from 15 women willing to testify in court, including some whose accounts had not been previously disclosed publicly.
The timing of Odey's withdrawal is significant, arriving shortly after a grueling three-week hearing in the Upper Tribunal, where Odey challenged the Financial Conduct Authority's decision to ban him from the financial services industry. During that regulatory proceeding, Odey admitted to an incident of sexual assault involving an employee in 2005—a concession that substantially weakened his libel defense. His legal team's statement explicitly referenced the toll of the Upper Tribunal litigation, stating that Odey did not wish to "pursue another lengthy trial at considerable cost, only to fail on the issue of public interest."
The allegations triggered significant consequences for Odey and his firm. Following the 2023 media coverage, Odey was removed from Odey Asset Management, the hedge fund he established in 1991. The firm, once among Europe's largest hedge fund companies, announced plans to close in October 2023. The FT welcomed Odey's withdrawal as validation of its reporting standards and a recognition of the courage demonstrated by the women who came forward to provide testimony.
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