Here’s a tighter, more streamlined rewrite:
After winning a £6 million arbitration award in London, Citadel dropped its U.S. trade secrets lawsuit, concluding that pursuing another judgment would likely not lead to any recovery.
The firm abandoned its case against crypto market maker Portofino Technologies, citing difficulties in collecting nearly £6 million (about $8 million) already awarded, making further litigation economically unviable.
In a Wednesday filing, Citadel and Portofino agreed to dismiss the New York case. At the same time, Citadel petitioned England’s High Court to declare Portofino founder Leonard Lancia bankrupt over the unpaid award—signaling a shift from proving claims to enforcing payment.
Under the agreement, both sides will bear their own legal costs, and Citadel also dropped claims against unidentified defendants.
Portofino Technologies, a Swiss crypto-focused fintech founded in 2021 by former Citadel Securities executives, provides institutional trading services including market making, OTC trading, and treasury management.
The dismissal ends nearly three years of litigation without a ruling on the trade secret allegations.
Citadel said the decision was not tied to the strength of its case. It emphasized that it had already secured a favorable ruling in a separate London arbitration involving claims such as breach of contract, conspiracy, and deceit—an award later recognized by the High Court.
However, the firm has struggled to collect the judgment, prompting its move to pursue bankruptcy proceedings against Lancia.
Court filings state that Lancia owes £5.98 million from the 2025 arbitration award issued by the London Court of International Arbitration, plus interest and legal costs.
The filing notes that the award was upheld by England’s High Court in February, a statutory demand issued in April went unpaid, and Lancia’s attempt to challenge it was dismissed in May.
Citadel estimates it holds only about £21,886 in secured assets against the debt, mostly tied to minor bank accounts and small stakes in French companies.
In its letter to the U.S. court, Citadel added that Lancia is subject to a worldwide asset-freezing order and ongoing bankruptcy proceedings. It also noted that evidence presented at a June 26 High Court hearing failed to demonstrate that his stake in Portofino holds meaningful value.
As a result, Citadel concluded that further litigation would likely result in little more than another unenforced judgment.
