Key Takeaways
- • Crispin Odey abandoned his £79 million libel claim against the Financial Times on April 10, 2026, acknowledging the publication would likely succeed in establishing a public interest defense in court.
- • The FT prepared to call 15 women as witnesses to testify about sexual misconduct allegations spanning five decades, including three women whose accounts had not been previously published.
- • Odey's legal retreat follows a grueling three-week Upper Tribunal hearing where he challenged the Financial Conduct Authority's ban from UK financial services and £1.8 million fine for lack of integrity and obstruction of investigations.
- • During FCA testimony, Odey admitted to groping a former employee in 2005 but attributed it to dental sedation; former CEO Tim Pearey testified against him, describing him as a "sex pest" and "sociopath."
- • Odey Asset Management, the hedge fund Odey founded in 1991 that once managed £2.8 billion, entered liquidation in 2025 following the 2023 misconduct allegations reported by the FT.
Summary
Crispin Odey's withdrawal of his £79 million libel claim against the Financial Times represents a decisive conclusion to a high-profile legal battle over investigative journalism covering sexual misconduct allegations. On April 10, 2026, Odey's lawyers submitted a letter stating he had been "forced to accept" that the FT was "likely to succeed in establishing" its public interest defense, effectively conceding the case before trial. The decision came only two months after the FT served substantial disclosure of evidence it intended to present, which included testimony from 15 women prepared to testify in court, three of whom had not previously gone on record.
The FT's editor, Roula Khalaf, characterized the withdrawal as a vindication for investigative journalism and the victims whose accounts were reported. The newspaper had published multiple articles in 2023 documenting allegations from 20 women spanning five decades against Odey, who consistently denied all accusations. Khalaf stated the case "should have never been brought," underscoring the publication's confidence in its reporting standards and defense strategy.
Odey's legal retreat closely follows a punishing three-week hearing in the Upper Tribunal where he challenged the Financial Conduct Authority's 2024 decision to ban him from the UK financial services industry and impose an £1.8 million fine. During cross-examination, Odey admitted to sexually assaulting an employee in 2005, though he attributed the incident to the effects of dental sedation. Former Odey Asset Management CEO Tim Pearey provided damaging testimony, describing Odey as a "sex pest" and "sociopath." The FCA had found Odey obstructed internal investigations, manipulated disciplinary processes by removing executives, and delayed harassment hearings. Odey's lawyers indicated the stress of the three-week tribunal trial, combined with the prospect of another costly legal proceeding likely to fail on public interest grounds, prompted the withdrawal.
The misconduct allegations have fundamentally dismantled Odey's business legacy. Odey Asset Management, established in 1991 and once renowned for managing £2.8 billion and executing bold market strategies such as Brexit-related positions, lost its FCA authorization and entered liquidation in 2025 following the 2023 FT reporting. The Upper Tribunal's judgment on Odey's FCA appeal is expected after closing arguments in May 2026, with potential implications for whether the regulator's ban and fine stand as final.
The FT's editor, Roula Khalaf, characterized the withdrawal as a vindication for investigative journalism and the victims whose accounts were reported. The newspaper had published multiple articles in 2023 documenting allegations from 20 women spanning five decades against Odey, who consistently denied all accusations. Khalaf stated the case "should have never been brought," underscoring the publication's confidence in its reporting standards and defense strategy.
Odey's legal retreat closely follows a punishing three-week hearing in the Upper Tribunal where he challenged the Financial Conduct Authority's 2024 decision to ban him from the UK financial services industry and impose an £1.8 million fine. During cross-examination, Odey admitted to sexually assaulting an employee in 2005, though he attributed the incident to the effects of dental sedation. Former Odey Asset Management CEO Tim Pearey provided damaging testimony, describing Odey as a "sex pest" and "sociopath." The FCA had found Odey obstructed internal investigations, manipulated disciplinary processes by removing executives, and delayed harassment hearings. Odey's lawyers indicated the stress of the three-week tribunal trial, combined with the prospect of another costly legal proceeding likely to fail on public interest grounds, prompted the withdrawal.
The misconduct allegations have fundamentally dismantled Odey's business legacy. Odey Asset Management, established in 1991 and once renowned for managing £2.8 billion and executing bold market strategies such as Brexit-related positions, lost its FCA authorization and entered liquidation in 2025 following the 2023 FT reporting. The Upper Tribunal's judgment on Odey's FCA appeal is expected after closing arguments in May 2026, with potential implications for whether the regulator's ban and fine stand as final.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.