Here’s a sharper, more concise rewrite:
After securing a £6 million arbitration award in London, Citadel dropped its U.S. trade secrets case, saying further litigation would likely produce another uncollectible judgment.
The firm withdrew its lawsuit against crypto market maker Portofino Technologies, citing ongoing difficulties in recovering nearly £6 million (about $8 million) already awarded, making additional legal action commercially impractical.
In a filing on Wednesday, Citadel and Portofino agreed to dismiss the New York case. At the same time, Citadel asked England’s High Court to declare founder Leonard Lancia bankrupt over the unpaid award—marking a shift from litigation to enforcement.
Under the agreement, both parties will cover their own legal costs, and Citadel also dropped claims against unnamed defendants.
Portofino Technologies, a Swiss crypto-native fintech founded in 2021 by former Citadel Securities executives, provides institutional services such as market making, OTC trading, and treasury management.
The dismissal ends nearly three years of litigation without any ruling on the trade secret claims.
Citadel said the move was not a reflection of the case’s merits, noting it had already won a separate London arbitration involving breach of contract, conspiracy, and deceit claims—an award later upheld by the High Court.
However, the firm has struggled to enforce that judgment, prompting its bankruptcy petition against Lancia.
Court filings state Lancia owes £5.98 million from the 2025 award issued by the London Court of International Arbitration, along with interest and costs.
The filing adds that the award was recognized by England’s High Court in February, a statutory demand issued in April went unpaid, and Lancia’s attempt to challenge it was rejected in May.
Citadel estimates it holds just £21,886 in secured assets against the debt, mainly small bank balances and minor stakes in French companies.
In its letter to the U.S. court, Citadel also noted that Lancia is subject to a worldwide asset-freezing order and ongoing bankruptcy proceedings. It added that evidence presented at a June 26 High Court hearing failed to show his stake in Portofino had meaningful value.
As a result, Citadel said continuing litigation would likely yield little more than another unenforced judgment.
