Odey Asset Management founder Crispin Odey has withdrawn his £79m libel lawsuit against the Financial Times, conceding that the publication would likely succeed in defending its reporting on sexual misconduct allegations, according to a report by the FT.
In a letter issued by his legal team, Odey acknowledged he had been “forced to accept” that the FT could establish a public interest defence. The decision comes shortly after the newspaper disclosed the body of evidence it intended to rely on in court.
The case stemmed from a series of articles published in 2023, in which multiple women accused Odey of sexual assault and harassment over several decades. The FT has maintained that a number of those individuals were prepared to testify in court, including some whose accounts had not previously been made public.
The newspaper welcomed the development, describing it as a validation of its reporting and of the individuals who came forward.
Odey’s withdrawal also follows a separate regulatory case involving the Financial Conduct Authority, where he challenged a ban from the financial services industry. During those proceedings, he admitted to an incident of sexual assault involving an employee in 2005.
According to his lawyers, the decision to abandon the libel claim was influenced by the financial and personal strain of further litigation, particularly given the likelihood of losing on public interest grounds. Despite maintaining that aspects of the portrayal were contested, Odey opted not to pursue a prolonged court battle.
The claim had originally been filed in May 2024.
