Crispin Odey drops £79m libel claim against FT over sexual misconduct allegations | Hedge funds
Former hedge fund manager Crispin Odey has withdrawn his £79m libel claim against the Financial Times over its reporting of sexual harassment allegations against him, his lawyers said.
In 2023, the FT published numerous articles covering a five-decade period by 20 women alleging sexual assault and harassment against Odey. He has previously denied the allegations made against him.
On Friday, lawyers for the 67-year-old former hedge fund mogul said he was “forced to accept” that the newspaper was “likely to be successful in mounting” its public interest defence.
One letter said: “Having just endured the stress and strain of a three-week hearing in the Upper Tribunal, he does not wish to proceed with another lengthy hearing at significant cost, he simply wishes to fail in the public interest, even if he succeeds, as he believes he will, in showing that he is not the violent predator he is presented in the articles.”
Odey’s decision to withdraw his claim followed a three-week hearing in which he appealed a decision by the Financial Conduct Authority, the city regulator, to bar him from the financial services industry.
The hearing before Mr Justice Thompsell, top court Judge Jones and top court member Cathy Farquharson at the top court in London will return in May for lawyers on both sides to close their cases.
He launched his defamation claim in May 2024 and said at the time that he had suffered “very significant financial loss” as a result of the articles.
Allegations that emerged in the media in 2023 led to his removal from Odey Asset Management.
The firm, which was founded in 1991 and was once one of Europe’s largest hedge fund firms, announced plans to close in October of that year.
In its defense, FT presented the statements of 15 women who wanted to testify in court on its behalf.
FT editor Roula Khalaf said: “This is a vindication of investigative journalism and of the victims whose stories of abuse we report.
“The FT was always confident in its reporting. This is a case that should never have been brought.”
In March 2025, Odey was temporarily banned from working in financial services and fined £1.8 million by the UK regulator for “lack of integrity”.
The FCA said Odey had attempted to “obstruct” the disciplinary process relating to sexual harassment allegations against him and that his conduct proved he was “not a fit and proper person to exercise any function”.
