Crispin Odey, former hedge fund manager, has abandoned his £79mn libel lawsuit against the Financial Times (FT), conceding the newspaper’s reporting on sexual misconduct claims would prevail. In a court filing, Odey’s lawyers stated he was “forced to accept” the FT’s public interest defense, signaling a strategic retreat. This follows the FT’s 2023 investigation detailing allegations from 20 women accusing Odey of sexual assault and harassment over five decades. The FT’s editor, Roula Khalaf, called the dismissal a “vindication for investigative journalism,” emphasizing the paper’s confidence in its reporting.

The FT had previously disclosed evidence from 15 women willing to testify, including three new accusers. One woman described an incident in 2018 where Odey allegedly entered a guesthouse bedroom uninvited during an intimate moment. Despite these claims, Odey maintains his innocence, arguing the FT’s narrative “mischaracterizes” him. The case’s collapse comes after a three-week hearing where Odey admitted to sexually assaulting an employee in 2005, leading to a ban from financial services by the Financial Conduct Authority.

Odey now faces seven-figure legal costs imposed by the FT, compounding his financial penalties. His decision to drop the case reflects the high stakes of prolonged litigation, as his lawyers noted the risk of “failing on public interest” grounds. The FT’s legal team highlighted the strength of its evidence, including previously unreported allegations, to justify its defense.

This outcome underscores the challenges media outlets face in balancing investigative rigor with legal scrutiny. For Odey, it marks a costly acknowledgment of the FT’s reporting, while the FT reinforces its role in holding powerful figures accountable. The case’s resolution signals a rare victory for press freedom in UK libel law.

Primary Keyword: Crispin Odey libel case

Secondary Keywords: Financial Times sexual misconduct, FT legal defense, Odey sexual assault, UK libel law, hedge fund manager scandal