Latest news with #CrispinOdey
Yahoo
a day ago
- Business
- Yahoo
Financial Times ‘unconvinced' Odey libel claim is ‘serious', High Court told
The Financial Times (FT) is 'unconvinced' that a libel claim against it by hedge fund manager Crispin Odey is 'serious', the High Court has heard. Mr Odey is suing the publication for at least £79 million in damages over four articles published in 2023 containing allegations he had sexually assaulted multiple women, which he denies. The FT is defending the libel claim, claiming its reporting is accurate. Mr Odey is also defending a separate legal action brought against him by five women over alleged misconduct between 1995 and 2023, including one who has accused him of rape. At a preliminary hearing for both cases on Friday, Gavin Millar KC, representing the FT in the libel claim, said: 'We remain unconvinced that Mr Odey's libel claim is a serious one.' The four articles at the centre of the libel action were published between June and July 2023. The FT claimed, in June that year, 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'. Mr Odey, who previously told the FT the allegations were 'rubbish', left his position at Odey Asset Management (OAM), the hedge fund he founded, days after they were published. OAM, which was founded in 1991, was then wound down after several banks cut ties following the accusations first coming 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 last year. Mr Odey was first sued by some of the women in 2023, and launched the libel claim in May 2024. In documents related to the libel case filed at the High Court, seen by the PA news agency, Mr 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 £79 million'. Adam Speker KC, representing Mr Odey in the libel claim, said the allegations were of a 'gravely defamatory nature' which had caused 'very serious harm to his reputation' and 'serious distress and embarrassment'. The hearing on Friday is dealing with which of the two claims should go to trial first, but Mrs Justice Heather Williams suggested that one trial should be held dealing with both claims. She said that having two trials could see Mr Odey's alleged victims having to give evidence twice, which would be 'highly undesirable'. She said: 'We are in a position where on the face of it … one is looking at the court having two lengthy trials covering exactly the same factual allegations.' She continued: 'That is a very unsatisfactory situation from the court's point of view.' The hearing is due to conclude later on Friday, with a judgment expected at a later date.
The Independent
a day ago
- Business
- The Independent
Financial Times ‘unconvinced' Odey libel claim is ‘serious', High Court told
The Financial Times (FT) is 'unconvinced' that a libel claim against it by hedge fund manager Crispin Odey is 'serious', the High Court has heard. Mr Odey is suing the publication for at least £79 million in damages over four articles published in 2023 containing allegations he had sexually assaulted multiple women, which he denies. The FT is defending the libel claim, claiming its reporting is accurate. Mr Odey is also defending a separate legal action brought against him by five women over alleged misconduct between 1995 and 2023, including one who has accused him of rape. At a preliminary hearing for both cases on Friday, Gavin Millar KC, representing the FT in the libel claim, said: 'We remain unconvinced that Mr Odey's libel claim is a serious one.' The four articles at the centre of the libel action were published between June and July 2023. The FT claimed, in June that year, 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'. Mr Odey, who previously told the FT the allegations were 'rubbish', left his position at Odey Asset Management (OAM), the hedge fund he founded, days after they were published. OAM, which was founded in 1991, was then wound down after several banks cut ties following the accusations first coming 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 last year. Mr Odey was first sued by some of the women in 2023, and launched the libel claim in May 2024. In documents related to the libel case filed at the High Court, seen by the PA news agency, Mr 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 £79 million'. Adam Speker KC, representing Mr Odey in the libel claim, said the allegations were of a 'gravely defamatory nature' which had caused 'very serious harm to his reputation' and 'serious distress and embarrassment'. The hearing on Friday is dealing with which of the two claims should go to trial first, but Mrs Justice Heather Williams suggested that one trial should be held dealing with both claims. She said that having two trials could see Mr Odey's alleged victims having to give evidence twice, which would be 'highly undesirable'. She said: 'We are in a position where on the face of it … one is looking at the court having two lengthy trials covering exactly the same factual allegations.' She continued: 'That is a very unsatisfactory situation from the court's point of view.' The hearing is due to conclude later on Friday, with a judgment expected at a later date.
Times
02-07-2025
- Business
- Times
City regulator extends rules on bullying, harassment and violence
The City's chief regulator has extended rules on bullying, harassment and violence across the financial services sector. The Financial Conduct Authority said on Wednesday that serious incidents qualify as misconduct under its rules. Previously it was often unclear when this type of behaviour would amount to a breach of conduct rules in financial firms other than banks. The authority said the regulations will come into force for about 37,000 more regulated financial firms from September 2026. Earlier this year the regulator proposed to ban Crispin Odey, one of the biggest names in financial services, from the City and fined him £1.8 million over allegations of inappropriate office behaviour and poor governance at his company, Odey Asset Management.
Bloomberg
02-07-2025
- Business
- Bloomberg
FCA Says Bullying and Harassment Count as Workplace Misconduct
The UK's Financial Conduct Authority has clarified that serious bullying, harassment and violence in the work place qualify as misconduct at financial firms, behavior that could ultimately lead to a ban from the sector. City firms reported a 72% surge in non-financial misconduct claims over the three years to October. That survey followed several high profile scandals, including sexual assault allegations made against hedge fund manager Crispin Odey and ex- Barclays Plc 's boss Jes Staley's ties to disgraced financier Jeffery Epstein.
Sky News
17-03-2025
- Business
- Sky News
Hedge fund manager Crispin Odey faces City ban and £1.8m fine for 'lack of integrity'
The hedge fund manager Crispin Odey is facing a £1.8m fine and a ban from the financial services industry in the UK following a ruling by the City regulator. The Financial Conduct Authority's (FCA) provisional decision followed an investigation into the 66-year old founder of now-defunct Odey Asset Management (OAM) amid newspaper allegations of historical workplace sexual misconduct. He strenuously denied the claims reported by the Financial Times (FT) in 2023, some of which extended to sexual assault. OAM, which shot to public prominence after making more than £200m from bets against the UK economy over the Brexit vote of 2016, was broken up after a client flight and string of asset sales followed the emergence of the allegations. The company is now in the process of being wound down. The FCA said on Monday that the fine and proposed ban were provisional as Mr Odey planned to appeal the findings at the Upper Tribunal. The watchdog said the penalties it sought to impose against Mr Odey reflected its finding of a "lack of integrity", mainly through repeated attempts "to evade and obstruct efforts to hold him to account". Its inquiry found that OAM could not deal effectively with complaints of inappropriate conduct towards female members of staff because he continually threatened and intervened in the process. "The FCA considers that Mr Odey deliberately sought to frustrate OAM's disciplinary processes into his conduct to protect his own interests," the regulator's statement said. "Mr Odey showed reckless disregard for OAM's governance, causing OAM to breach certain regulatory requirements. "In addition, the FCA considers that Mr Odey's behaviour towards both OAM and the FCA lacked candour. "The FCA considers Mr Odey's conduct demonstrated that he is not a fit and proper person to perform any function related to regulated activities," its ruling concluded. Mr Odey, who is seeking £79m in damages through a libel action against the FT, has insisted he is the victim of a witch hunt.
