Crispin Odey Withdraws £79 Million Libel Claim Against Financial Times
Disgraced financier Crispin Odey has formally dropped his substantial £79 million High Court libel claim against the Financial Times, the newspaper has confirmed. The former hedge fund manager had been suing the publication over a series of articles published in 2023 that alleged he sexually assaulted multiple women, claims he has consistently denied.
Financial Times Claims Victory for Investigative Journalism
Before Mr Odey withdrew the claim, the Financial Times was prepared to defend its reporting vigorously, arguing it was substantially true and published in the public interest. The FT stated that Mr Odey's legal representatives sent a letter to the newspaper on Friday afternoon indicating the 67-year-old had been 'forced to accept' that the publication was 'likely to succeed' in its public interest defence.
Roula Khalaf, the editor of the Financial Times, described the withdrawal as a 'vindication for investigative journalism' and for 'the victims whose stories of abuse we reported'. She added, 'The FT was always confident in its reporting. This is a case that should have never been brought.'
The newspaper revealed it had served Mr Odey two months ago with a 'substantial' disclosure of evidence related to its investigations into his behaviour, which it intended to rely upon in court proceedings.
Odey's Legal Battles and Controversial Admissions
This development follows Mr Odey's appearance last month before an Upper Tribunal, where he challenged a decision by the Financial Conduct Authority to ban him from the UK finance industry and impose a £1.8 million fine following allegations of sexual harassment against female staff.
According to the Financial Times, Mr Odey's lawyers stated in the letter, 'Having just endured the stress and strain of a three-week trial in the Upper Tribunal, he does not wish to pursue another lengthy trial at considerable cost, only to fail on the issue of public interest, even if he was successful, as he believes he would be, in demonstrating that he is not the violent predator he was presented as being in the articles.'
During the Upper Tribunal hearing last month, Mr Odey admitted he risked being perceived as a 'creepy old man' due to his behaviour towards a receptionist at his firm. The tribunal heard that he texted the woman in her twenties, saying he wished he had been 'in bed' with her and that she was 'delicious'. However, he insisted the receptionist was a 'willing participant' in their flirting and described her as a 'dangerous girl' who made claims to seek money from Odey Asset Management.
On a separate occasion, Mr Odey claimed he was 'under the influence of general anaesthetic' when accused of groping another staff member's breast. When asked if he had sexually assaulted her, he replied, 'Of course, I admit to grabbing her breast.' He added, 'It wasn't entirely innocent in nature. But it was understandable. And she accepted that.' When it was suggested that women would feel 'shocked and violated' by such actions, he stated, 'I do know that and I am deeply embarrassed about this.'
Background and Broader Implications
Mr Odey initiated the libel claim in May 2024, asserting at the time that he suffered 'very significant financial loss' as a result of the articles. His firm, Odey Asset Management, founded in 1991 and once one of Europe's largest hedge fund companies, announced plans to close in October 2023, the same year the Financial Times' articles were published.
In a previous legal matter, Mr Odey was found not guilty of indecent assault in 2021 after being accused of assaulting a woman in her twenties at his west London home in 1998. The Upper Tribunal trial is scheduled to resume next month for closing arguments from both sides' legal teams.
The Daily Mail has approached Mr Odey for comment regarding the withdrawal of the libel claim, but no response has been reported at this time.
