A Better Newspaper

## Overview Former hedge fund manager Crispin Odey has reportedly abandoned his £79 million libel case against the Financial Times over its reporting on sexual misconduct allegations (Financial Times, April 10). The FT had stated that 15 women were willing to testify in court against Odey, a development that apparently made continuation of the litigation untenable. ## Background Crispin Odey founded Odey Asset Management, one of the UK's most prominent hedge funds, before being forced out following the FT's 2023 investigation into sexual misconduct allegations by multiple women. The FT's original reporting sparked widespread coverage and led to significant departures of staff and investor capital from Odey Asset Management. ## The Libel Proceedings - Odey filed a £79 million libel claim against the Financial Times (Financial Times, April 10) - The FT defended the case and reportedly assembled a witness list of 15 women prepared to testify in court (Financial Times, April 10) - Odey has now reportedly abandoned the case, according to the Financial Times (April 10) - The abandonment comes before trial, meaning no judicial finding on the merits ## Legal & Strategic Significance ### For Media Defendants - The case demonstrates that aggressive witness assembly by media defendants can deter high-value libel claims - The FT's approach—publicly stating 15 witnesses were ready—may have created insurmountable reputational risk for Odey in continuing - Under UK defamation law, Odey as claimant bore the burden of proving falsity and reputational harm; a defense witness bank of 15 alleged victims would have complicated that burden significantly ### For Financial Industry - The abandonment closes the legal chapter but does not rehabilitate Odey's professional standing - Odey Asset Management has reportedly wound down substantially following the original allegations - The case is a reference point for how sexual misconduct allegations interact with defamation litigation strategy in the UK ### Costs Implications - Abandoning a £79 million claim after extensive litigation likely exposes Odey to significant adverse costs orders in favor of the FT ## Outlook No further litigation appears likely in this matter. The case may be cited in future UK defamation proceedings as an example of witness-based defense strategy deterring high-value claims.