Financier Crispin Odey has withdrawn his £79 million High Court libel claim against the Financial Times over 2023 articles alleging he sexually assaulted multiple women, allegations he denies.

The 67-year-old former hedge fund manager’s lawyers notified the newspaper Friday afternoon that he accepts the outlet’s public interest defense is likely to prevail. The Financial Times had prepared to defend the stories as substantially true and vital to public awareness.

Editor Hails Vindication for Journalism

Roula Khalaf, editor of the Financial Times, described the development as a vindication for investigative journalism and the victims whose abuse stories were covered. “The FT was always confident in its reporting. This is a case that should have never been brought,” she stated.

Two months prior, the Financial Times provided Odey with substantial evidence from its investigations into his conduct, intended for court use.

Ongoing Regulatory Challenge

Odey recently testified at London’s Upper Tribunal, contesting a Financial Conduct Authority decision to bar him from the UK finance sector and impose a £1.8 million fine following sexual harassment claims against female employees.

During proceedings, Odey acknowledged risking perceptions as a “creepy old man” after sending flirtatious texts to a receptionist in her 20s at his firm. Messages included wishes to be “in bed” with her and calling her “delicious.” The woman later reported dreading work due to his advances, but Odey maintained she willingly participated and sought financial gain from Odey Asset Management, labeling her a “dangerous girl.”

Admission of Physical Contact

Odey also recounted groping a staff member’s breast while under general anesthetic influence. “Of course, I admit to grabbing her breast,” he said. “It wasn’t entirely innocent in nature. But it was understandable. And she accepted that.”

Confronted with suggestions that such actions leave women feeling shocked and violated, Odey replied, “I do know that and I am deeply embarrassed about this.” The tribunal reconvenes next month for closing arguments.

Business Fallout and Prior Acquittal

Odey filed the libel suit in May 2024, citing major financial losses from the articles. His firm, Odey Asset Management—founded in 1991 and once among Europe’s largest hedge funds—announced closure plans in October 2023.

In 2021, Odey was acquitted of indecent assault charges stemming from an alleged 1998 incident at his west London home involving a woman in her 20s.