Hedge fund manager Crispin Odey is seeking at least £79m in damages from the Financial Times, filing a libel lawsuit against the publication, according to a report by the Guardian citing court documents.
Odey initiated the legal action in May in response to four articles published in 2023 that accused him of sexually assaulting or harassing multiple women. These allegations led to his departure from Odey Asset Management (OAM), the hedge fund he founded, although he has since returned to the firm.
In addition to his lawsuit against the FT, Odey faces separate legal action from five women who are suing him over alleged misconduct spanning from 1995 to 2023.
Odey has consistently denied the accusations, describing them as “rubbish” in a statement to the FT. The publication, for its part, stated in May that it would be “vigorously defending” its reporting.
Legal documents filed at the High Court, reviewed by the PA news agency, reveal that Odey’s lawyers claim he has suffered significant financial losses due to the articles, although he is limiting his claim to £79m in damages.
Adam Speker KC, for Odey, said: “The articles complained of made allegations against the claimant of a gravely defamatory nature, including allegations of clearly criminal conduct.”
He continued: “The claimant has suffered very serious harm to his reputation as a result of the publication of the articles complained of and is likely to continue to do so until he achieves vindication through these proceedings.”
“The claimant has suffered serious distress and embarrassment as a result of the publication of the articles complained of,” he added.
The four articles central to the lawsuit were published between June and July 2023.
In June, the FT reported speaking to 13 women who said they had been abused by Odey, while in July, it added that a further six women accused him of sexual assault or harassment.
Following the allegations, OAM, founded in 1991, was gradually wound down as several banks severed ties with the company, though it remained a registered entity.
According to Companies House records, Odey was reinstated as a director of the firm in late September, on the same day that nine former partners officially resigned.
Speker further noted in the court documents that since the publication of the first FT article on 8 June 2023, Odey has been unable to find alternative employment, resulting in an estimated loss of future earnings of £144m.
The FT is required to file its defence by the end of January 2025, with another hearing in the case expected at a later date.
In May, the publication issued a statement saying: “Our investigative journalism about Mr Odey was carefully prepared and publication was in the public interest. We stand by our reporting and look forward to vigorously defending it.”
