Citadel drops U.S. Portofino suit, seeks bankruptcy order against firm's founder in UK

PolicyCitadel drops U.S. Portofino suit, seeks bankruptcy order against firm's founder in UKAfter winning a 6 million-pound London arbitration award, Citadel dropped its U.S. trade secrets case, saying another judgment would likely go uncollected.By Will Canny, AI Boost|Edited by Sheldon Reback Jul 8, 2026, 12:45 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowCitadel 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.Citadel abandoned its U.S. trade secrets lawsuit against crypto market maker Portofino Technologies, saying it no longer made financial sense to pursue another court victory while struggling to collect a nearly 6 million-pound ($8 million) judgment it already won.In a filing made Wednesday in the U.S., Miami-based Citadel jointly agreed with Portofino to dismiss the New York trade secrets case. Also on Wednesday, Citadel asked England's High Court to declare Portofino founder Leonard Lancia bankrupt over the unpaid arbitration award. The moves underscore that the dispute has shifted from proving liability to collecting money.Under the U.S. stipulation, each side will bear its own legal fees and costs, and Citadel also dismissed claims against unnamed Doe defendants. Portofino Technologies is a Swiss crypto-native financial technology firm that provides institutional trading infrastructure for digital asset markets. Founded in 2021 by former Citadel Securities executives, the company specializes in market making, over-the-counter (OTC) trading and treasury management se…

Citadel drops U.S. Portofino suit, seeks bankruptcy order against firm's founder in UK

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