Key Takeaways
- • Crispin Odey, 67-year-old former hedge fund manager, has withdrawn his £79 million libel claim against the Financial Times, acknowledging the newspaper "is likely to succeed in establishing" its public interest defence.
- • The FT had secured testimony commitments from 15 women willing to testify in court; the original 2023 investigation involved allegations from 20 women spanning five decades of alleged sexual assault and harassment, all of which Odey denies.
- • Odey's capitulation followed a three-week Upper Tribunal hearing challenging a Financial Conduct Authority ban from the financial services industry, during which he admitted to sexually assaulting an employee in 2005.
- • The withdrawal came two months after the FT served Odey with substantial disclosure of evidence it intended to use in the libel trial, signaling confidence in its investigative journalism and legal position.
- • Odey Asset Management, the hedge fund founded in 1991 and once Europe's largest, was removed from his control following the 2023 allegations and announced closure in October 2023.
Summary
Crispin Odey has abandoned his £79 million libel claim against the Financial Times following a strategic retreat on Friday, with his legal team acknowledging the newspaper would likely prevail on public interest grounds. In a formal letter, Odey's lawyers stated he had been "forced to accept" that the FT was "likely to succeed in establishing" its public interest defence, effectively conceding the core legal challenge without proceeding to full trial.
The decision culminates a series of legal setbacks for Odey beginning with the FT's April 2023 publication of investigative articles detailing sexual misconduct allegations from 20 women spanning five decades. Odey initiated the libel claim in May 2024 claiming "very significant financial loss" from the reporting. The FT's defence preparation demonstrated substantial evidentiary support: the newspaper secured commitments from 15 women willing to testify in court, and had recently served comprehensive disclosure of evidence two months before Odey's withdrawal. FT Editor Roula Khalaf characterized the outcome as "a vindication for investigative journalism and for the victims whose stories of abuse we reported," adding that "the case should have never been brought."
Odey's decision to withdraw followed immediately after a grueling three-week Upper Tribunal hearing in which he contested a Financial Conduct Authority ban from UK financial services. During that proceeding, Odey admitted to sexually assaulting an employee in 2005—a significant factual concession that undermined his libel defence strategy. His lawyers noted in their withdrawal letter that having "just endured the stress and strain" of the tribunal hearing, he was unwilling to pursue "another lengthy trial at considerable cost, only to fail on the issue of public interest." The letter suggested Odey believed he could potentially demonstrate he was "not the violent predator he was presented as being," but acknowledged the insurmountable public interest hurdle.
The broader professional consequences for Odey remain severe. Odey Asset Management, established in 1991 and once among Europe's largest hedge fund firms, removed him from operational control following the 2023 allegations and announced its closure in October 2023, representing a complete institutional dissolution tied to the misconduct revelations.
The decision culminates a series of legal setbacks for Odey beginning with the FT's April 2023 publication of investigative articles detailing sexual misconduct allegations from 20 women spanning five decades. Odey initiated the libel claim in May 2024 claiming "very significant financial loss" from the reporting. The FT's defence preparation demonstrated substantial evidentiary support: the newspaper secured commitments from 15 women willing to testify in court, and had recently served comprehensive disclosure of evidence two months before Odey's withdrawal. FT Editor Roula Khalaf characterized the outcome as "a vindication for investigative journalism and for the victims whose stories of abuse we reported," adding that "the case should have never been brought."
Odey's decision to withdraw followed immediately after a grueling three-week Upper Tribunal hearing in which he contested a Financial Conduct Authority ban from UK financial services. During that proceeding, Odey admitted to sexually assaulting an employee in 2005—a significant factual concession that undermined his libel defence strategy. His lawyers noted in their withdrawal letter that having "just endured the stress and strain" of the tribunal hearing, he was unwilling to pursue "another lengthy trial at considerable cost, only to fail on the issue of public interest." The letter suggested Odey believed he could potentially demonstrate he was "not the violent predator he was presented as being," but acknowledged the insurmountable public interest hurdle.
The broader professional consequences for Odey remain severe. Odey Asset Management, established in 1991 and once among Europe's largest hedge fund firms, removed him from operational control following the 2023 allegations and announced its closure in October 2023, representing a complete institutional dissolution tied to the misconduct revelations.
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