Crispin Odey, the former hedge fund manager, has dropped his £79m libel claim against the Financial Times over its reporting of sexual misconduct allegations against him, according to his lawyers.
The case related to a series of FT articles published in 2023 that drew on allegations from 20 women. The reports covered claims of sexual assault and harassment said to span five decades.
Odey has previously denied the allegations.
In a statement from his legal team, they said the ex-hedge fund manager was “forced to accept” that the newspaper was likely to succeed in a public interest defence.
The decision brings an end to one of the most significant legal challenges brought by Odey against the newspaper over its coverage of the allegations.
The Financial Times reporting had examined claims made by women over a long period, and the articles were central to wider scrutiny of Odey’s conduct in the public sphere.
His decision to abandon the libel action means the case will not proceed to trial as planned. The move leaves the FT’s reporting in place and avoids a court ruling on the substance of the newspaper’s defence.
The allegations first came to prominence through the FT’s 2023 investigation, which referenced accounts from women spanning multiple decades. The newspaper reported on allegations of sexual assault and harassment, while Odey maintained his denial.
Odey’s lawyers did not provide further detail beyond their description of the likely success of the newspaper’s public interest defence.
