Crispin Odey Drops £79m Libel Claim Against Financial Times

Crispin Odey, the former hedge fund tycoon and founder of Odey Asset Management LLP, has dropped his £79 million libel lawsuit against the Financial Times (FT). The decision comes after Odey’s legal team acknowledged that the newspaper would likely succeed in its public interest defence regarding its reporting on sexual misconduct allegations.

The Collapse of the Libel Suit

The legal battle stemmed from a series of articles published by the FT in 2023. These reports detailed allegations of sexual assault and harassment from 20 women, spanning a period of five decades. While Odey has previously denied these allegations, his lawyers stated on Friday, April 10, 2026, that he was “forced to accept” the likelihood that the FT would establish a successful public interest defence [The Guardian].

According to a letter from his legal representatives, the 67-year-old former manager decided against pursuing another costly and lengthy trial. This decision followed the significant stress of a separate three-week hearing in the Upper Tribunal. Despite dropping the claim, Odey maintains that he is not the “violent predator” depicted in the FT’s reporting [The Guardian].

The Fight Against the FCA Ban

While the libel claim has ended, Odey remains embroiled in a legal struggle with the Financial Conduct Authority (FCA). He is currently challenging a decision by the regulator to ban him from the financial services industry.

During a three-week hearing in March 2026, Odey gave evidence in an attempt to overturn the ban, specifically denying that he had been unable to “control himself” around female employees [Reuters]. The trial, presided over by Mr Justice Thompsell, Upper Tribunal Judge Jones and member Cathy Farquharson, is scheduled to return in May for closing arguments [The Guardian].

The FCA’s regulatory actions against Odey have been progressive:

• June 2023: The FCA placed restrictions on Odey Asset Management [FT Adviser].
• November 2024: The regulator issued a formal warning to Crispin Odey [FT Adviser].
• March 2025: The FCA imposed fines and bans [FT Adviser].

The Fall of Odey Asset Management

The fallout from the misconduct allegations led to the rapid decline of Odey’s professional empire. Following the reports of an abusive workplace culture—corroborated by the FT through interviews with over 40 former employees [Financial Times]—major banks cut ties with the firm.

By June 2023, partners began looking to “rehouse” funds, and the firm’s subsidiary, Brook, suspended dealing in funds [FT Adviser]. By October 2023, Odey Asset Management began the process of winding down its wealth management business and other subsidiaries [FT Adviser].

Key Takeaways

• Libel Claim Dropped: Crispin Odey abandoned a £79m suit against the FT due to the strength of the paper’s public interest defence.
• Industry Ban: Odey is still fighting an FCA ban in the Upper Tribunal, with the case resuming in May.
• Firm Dissolution: Odey Asset Management began winding down in late 2023 after banks severed ties following misconduct allegations.
• Allegations: The FT reported accounts from 20 women alleging harassment and assault over five decades.

Frequently Asked Questions

Why did Crispin Odey drop the libel case?

His lawyers stated he was “forced to accept” that the Financial Times would likely succeed in its public interest defence. Odey wished to avoid the cost and stress of another lengthy trial following his recent Upper Tribunal hearing.

What is the current status of his FCA ban?

Odey is currently challenging the FCA’s decision to ban him from the financial services industry. A hearing took place in March 2026 and is set to return in May for final arguments.

What happened to Odey Asset Management?

The firm began winding down in October 2023 after the publication of sexual misconduct allegations led to the loss of banking partners and the transfer of funds to other firms.