Former hedge fund executive Crispin Odey has withdrawn his £79 million defamation lawsuit against the Financial Times concerning its coverage of sexual misconduct accusations against him, according to his legal representatives. In 2023, the publication released articles detailing claims from 20 women who accused Odey of sexual assault and harassment spanning five decades. Odey has consistently rejected these accusations. On Friday, attorneys for the 67-year-old financier stated that he had been compelled to acknowledge the likelihood of the newspaper prevailing on its public interest defense. A statement from his side noted: ‘After recently undergoing the pressure of a three-week hearing in the Upper Tribunal, he prefers not to engage in another prolonged legal battle at significant expense, merely to lose on the public interest aspect, despite his confidence in proving he is not the aggressive individual portrayed in the reports.’ This move comes after a three-week proceeding where Odey contested a ruling by the Financial Conduct Authority, the UK’s financial oversight body, to prohibit him from the sector. The Upper Tribunal session in London, presided over by Mr Justice Thompsell, Judge Jones, and member Cathy Farquharson, is scheduled to resume in May for final arguments. Odey initiated the defamation action in May 2024, claiming substantial economic harm from the stories. The accusations surfaced publicly in 2023, resulting in his ouster from Odey Asset Management. Established in 1991, the company was among Europe’s leading hedge fund operations but revealed intentions to shut down in October of that year. In its response, the Financial Times presented statements from 15 women prepared to testify in support. The publication’s editor, Roula Khalaf, commented: ‘This outcome affirms the value of investigative reporting and the experiences of those who suffered abuse as detailed in our coverage. We remained assured in our journalism. This lawsuit should never have proceeded.’ In March 2025, the UK authority issued a temporary ban on Odey from financial roles and imposed a £1.8 million penalty for lacking integrity. The regulator determined that Odey had tried to obstruct an inquiry into the harassment claims, demonstrating he was unsuitable for any position in the industry.
