Crispin Odey Withdraws £79 Million Libel Claim Against Financial Times
Former hedge fund magnate Crispin Odey has abruptly dropped his £79 million libel lawsuit against the Financial Times, bringing a dramatic end to a high-stakes legal confrontation over the newspaper's reporting of sexual misconduct allegations. The Financial Times published multiple investigative pieces in 2023 detailing accusations from twenty women spanning five decades, which Odey has consistently denied.
Legal Surrender After Tribunal Ordeal
Although Odey initiated his libel claim in May 2024, with a trial scheduled for this summer, the FT disclosed on Friday that its legal team received correspondence from the financier stating he had been "forced to accept" that the publication was "likely to succeed in establishing" its public interest defense. In its robust defense, the FT had prepared accounts from fifteen women willing to testify in court, including three whose allegations had never been publicly reported.
"This is a vindication for investigative journalism and for the victims whose stories of abuse we reported," declared FT editor Roula Khalaf in an official statement. "The FT was always confident in its reporting. This is a case that should have never been brought."
Parallel Battle With Financial Conduct Authority
This development follows Odey's recent grueling three-week trial against the Financial Conduct Authority (FCA) at the Upper Tribunal, where he endured hours of intense cross-examination. During testimony, Odey admitted to groping a former female employee's breasts after a dental appointment, attributing the behavior to sedation received during the visit.
The tribunal also heard allegations that Odey attempted to manipulate a woman into silence, with the FCA's senior barrister accusing him of discouraging a victim from providing a complete account of her experience. Adding to the sensational proceedings, former Odey Asset Management chief executive Tim Pearey labeled Odey a "sex pest" and "sociopath" during the hearing. Odey has maintained his innocence throughout, and the tribunal's judgment remains pending.
Substantial Financial Consequences
In Friday's statement, the FT revealed that Odey's lawyers explained their client, "having just endured the stress and strain of a three-week trial in the Upper Tribunal, does not wish to pursue another lengthy trial at considerable cost, only to fail on the issue of public interest." The correspondence noted that even if Odey succeeded in demonstrating he was not the violent predator portrayed in the articles, he would likely lose on public interest grounds.
The Financial Times confirmed that Odey now faces a seven-figure liability for the newspaper's legal expenses in addition to his own substantial costs. A representative for Crispin Odey was approached for comment but has not yet responded to inquiries regarding this significant legal reversal.
