Crispin Odey abandons £79mn libel case against the FT over sexual misconduct claims

Former hedge fund billionaire Crispin Odey has withdrawn his £79 million libel lawsuit against the Financial Times in London, dropping the case just days before it was scheduled to begin on Monday, January 27, 2025. The abrupt abandonment follows the newspaper's legal disclosure that it had 15 women prepared to testify in court with allegations of sexual misconduct against the financier, creating an insurmountable evidential challenge for Odey's claim. The case stemmed from an investigative report published by the FT in June 2023, which detailed multiple allegations of sexual assault and harassment against Odey spanning decades. Odey, who founded the now-defunct Odey Asset Management, vehemently denied all allegations and launched the high-stakes libel action, seeking substantial damages for reputational harm. The newspaper stood by its reporting, citing a rigorous journalistic process and multiple corroborating sources. Legal experts note that the pre-trial disclosure of 15 potential witnesses willing to give evidence under oath represented a critical turning point. Such a roster significantly raised the legal and reputational risks for Odey in proceeding to a full trial, where the women's testimonies would be subject to cross-examination. The withdrawal spares both parties a lengthy and costly court battle but leaves the substantive allegations legally unresolved, as no formal judgment on their truth has been rendered. The episode marks another chapter in the fallout from the original allegations, which led to Odey's expulsion from his own firm and the eventual winding down of Odey Asset Management. It also underscores the challenges wealthy individuals face in using libel laws to counter detailed investigative journalism backed by multiple sources. The FT has stated it remains committed to its reporting, viewing the case's collapse as a vindication of its investigative work.