Crispin Odey, the former hedge fund manager, has decided to abandon his £79 million libel lawsuit against the Financial Times (FT) related to its coverage of sexual misconduct claims made against him. This development follows a three-week tribunal hearing in which Odey contested a ban imposed by the Financial Conduct Authority (FCA) from the financial services sector, highlighting the ongoing repercussions of the allegations that have tarnished his reputation.
Background of the Allegations
In 2023, the Financial Times published a series of articles detailing accusations from 20 women who alleged that Odey had engaged in sexual assault and harassment over a span of 50 years. These serious claims were categorically denied by Odey, who has long maintained his innocence. However, the gravity of the allegations has had significant implications for his career and business operations.
Following the release of the articles, Odey was expelled from Odey Asset Management, a firm he founded in 1991 that was once considered one of Europe’s leading hedge fund firms. The company announced its closure in October 2023, following the fallout from the media reports.
Legal Proceedings and Withdrawal
On Friday, Odey’s legal representatives indicated that he had been “forced to accept” the likelihood that the FT would prevail in its public interest defence if the case were to proceed. A letter from his lawyers stated that after the strain of the recent tribunal, he was unwilling to engage in another protracted legal battle that could prove costly, particularly with the possibility of failure looming over the public interest argument.
The letter also expressed Odey’s belief that he would have successfully countered the portrayal of him as a “violent predator,” asserting that he has never acted in such a manner as depicted in the articles.
Implications of the Financial Conduct Authority’s Ruling
Odey’s decision to withdraw his libel claim comes on the heels of a provisional ban from the financial services industry, enforced by the FCA in March 2025. The regulator, which also imposed a £1.8 million fine, cited Odey’s lack of integrity and his attempts to obstruct the disciplinary process concerning the harassment allegations. The FCA concluded that his behaviour indicated he was “not a fit and proper person” to hold any role within the financial sector.
The tribunal hearing, presided over by Mr Justice Thompsell and two other judges, is set to resume in May, where legal teams will present closing arguments regarding Odey’s ban.
The Financial Times’ Stance
In response to Odey’s withdrawal from the libel case, Roula Khalaf, the editor of the Financial Times, expressed her satisfaction, stating, “This is a vindication for investigative journalism and for the victims whose stories of abuse we reported. The FT was always confident in its reporting. This is a case that should have never been brought.” The FT prepared to defend its reporting by presenting testimonies from 15 women willing to support the newspaper’s claims in court.
Why it Matters
This development underscores the significant challenges and consequences faced by individuals accused of serious misconduct, especially in high-profile sectors such as finance. The outcome of Odey’s cases not only reflects on his personal and professional future but also serves as a crucial moment for accountability in the financial services industry. The proceedings highlight the importance of investigative journalism in bringing to light the experiences of survivors, fostering a broader conversation about misconduct and integrity in professional spaces.
