Citadel drops U.S. Portofino suit, seeks bankruptcy order against firm’s founder in UK
After winning a 6 million-pound London arbitration award, Citadel dropped its U.S. trade secrets case, saying another judgment would likely go uncollected.
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Summary
- Citadel abandoned its U.S. trade secrets lawsuit against crypto market maker Portofino Technologies after concluding any judgment in its favor would likely go unpaid.
- The firm said it remains confident in its claims, but is instead focusing on collecting a nearly 6 million-pound London arbitration award against Portofino co-founder Leo Lancia.
- In a separate filing on Wednesday, Citadel petitioned the High Court in London to bankrupt Lancia over the unpaid award.
