Crispin Odey suing Financial Times for £79m in libel damages, documents show
Hedge fund manager Crispin Odey is seeking at least £79m in damages from the Financial Times (FT) after suing the publication for libel, documents filed at the High Court show.
Odey began legal action against the FT in May over four articles published in 2023, which contained allegations that he had sexually assaulted multiple women.
The accusations led to Odey leaving his position at Odey Asset Management (OAM), the hedge fund he founded, days later, although he has since returned to the firm.
Five women are separately suing him over alleged misconduct between 1995 and 2023.
Odey has previously denied the allegations against him, telling the FT they were “rubbish”. The paper said in May that it would be “vigorously defending” its reporting.
In documents related to the libel battle filed at the High Court, seen by the PA news agency on Monday, Odey’s lawyers claimed he had suffered a “very significant financial loss” as a result of the articles, but that he “will limit his claim to the sum of £79m”.
Adam Speker KC, for Mr Odey, said: “The articles complained of made allegations against the claimant of a gravely defamatory nature, including allegations of clearly criminal conduct.”
He continued: “The claimant has suffered very serious harm to his reputation as a result of the publication of the articles complained of and is likely to continue to do so until he achieves vindication through these proceedings.”
He added: “The claimant has suffered serious distress and embarrassment as a result of the publication of the articles complained of.”
The four articles at the centre of the legal action were published between June and July 2023.
The FT claimed in June that it had spoken to “13 women who said they had been abused by Odey”, and in July said a further six had made allegations that he “sexually assaulted or harassed them”.
OAM, which was founded in 1991, was then wound down after several banks cut ties after the accusations first came to light, although it remained a registered company.
Records from Companies House, the UK’s official register, showed that Mr Odey was reappointed a director of the firm in late September, with nine former partners officially resigning from the company on the same day.
Mr Speker said in court documents that Mr Odey “has been unable to find alternative employment” since the first FT article was published on June 8 last year, meaning he had lost future earnings “estimated in the sum of £144m”.
The FT must file its defence of the claim by the end of January 2025, with a further hearing in the case expected at a later date.
In a statement in May, the publication said: “Our investigative journalism about Mr Odey was carefully prepared and publication was in the public interest.
“We stand by our reporting and look forward to vigorously defending it.”
By Callum Parke, PA Law Reporter