Citadel Drops Trade Secrets Lawsuit Against Portofino, Turns to UK to Seek Bankruptcy Recovery from Founders

According to CoinDesk, Wall Street market-making giant Citadel Securities has dropped its U.S. trade secret lawsuit against crypto market maker Portofino Technologies, instead seeking to recover nearly 6 million pounds in arbitration awards previously obtained through U.K. bankruptcy proceedings. Citadel filed documents with a U.S. court on Wednesday, jointly applying with Portofino to dismiss the New York trade secret case, stating that continuing to pursue the U.S. litigation lacks economic sense because the judgment won in the previous London arbitration remains difficult to enforce. It is reported that the case lasted nearly three years, but the U.S. litigation ultimately did not issue a substantive ruling on the trade secret allegations previously raised by Citadel. Citadel emphasized that the withdrawal was not because its trade secret claims lacked merit, but because the company had already prevailed in another London arbitration proceeding.