After securing a 6 million-pound arbitration award in London, Citadel has opted to discontinue its U.S. lawsuit over trade secrets, citing the unlikelihood of collecting any new judgment.
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 (Twitter)LinkedInFacebookEmailMake preferred on Citadel Securities Chairman Ken Griffin. (Michael Kovac/Getty Images)SummaryShow- Citadel has withdrawn its trade secrets lawsuit in the U.S. against Portofino Technologies, concluding that a favorable judgment would likely remain uncollectible.
- The company remains confident in its allegations but is now focusing on enforcing a nearly 6 million-pound arbitration award against Portofino co-founder Leo Lancia.
- Additionally, Citadel has filed a bankruptcy petition in London against Lancia related to the unpaid award.
Citadel has decided to withdraw its lawsuit concerning trade secrets against Portofino Technologies in the U.S., asserting that pursuing another court victory is not financially viable while it struggles to collect on a nearly 6 million-pound ($8 million) judgment it has already secured.
On Wednesday, Citadel and Portofino mutually agreed to dismiss the New York trade secrets case in a filing made in the U.S. Simultaneously, Citadel petitioned the High Court in London to declare Portofino's founder, Leonard Lancia, bankrupt due to the outstanding arbitration award. This shift indicates a transition from establishing liability to focusing on financial recovery.
As per the U.S. agreement, both parties will bear their own legal costs, and Citadel has also dropped claims against unnamed Doe defendants.
Portofino Technologies, founded in 2021 by former Citadel executives, is a Swiss financial technology firm specializing in crypto, providing institutional trading infrastructure for digital asset markets, including market making and OTC trading services for exchanges and investors.
The dismissal concludes nearly three years of litigation without a resolution on Citadel's allegations regarding trade secrets.
Citadel clarified to the New York court that its choice to withdraw the case is unrelated to the validity of its claims. The firm highlighted that it had already achieved a victory in a separate London arbitration against Portofino's founders concerning employment issues, including breach of contract and deceit, resulting in recognized damages and legal costs that the High Court has made enforceable.
Despite this win, Citadel reported difficulties in collecting the awarded amount, prompting the bankruptcy petition against Lancia.
In its filing, Citadel noted that Lancia owes 5.98 million pounds from the 2025 award issued by the London Court of International Arbitration, including interest and costs. The petition also states that the High Court recognized the award in February, but a statutory demand issued in April went unmet, and Lancia's attempt to contest the demand was rejected in May.
Citadel estimates that it has security worth only approximately 21,886 pounds against the debt, mainly from small bank accounts and minor interests in French firms.
Additionally, Citadel mentioned that Lancia is under a worldwide freezing order and is facing bankruptcy proceedings, with evidence from a June 26 High Court hearing failing to convince the court of the significant value of his Portofino ownership stake. "These developments have led Citadel Securities to believe that further litigation would likely yield little more than another unsatisfied judgment," the company stated.