Citadel drops U.S. Portofino suit, seeks bankruptcy order against firm's founder in UK
Citadel has dropped its U.S. trade secrets lawsuit against crypto firm Portofino Technologies while simultaneously pursuing bankruptcy proceedings against its founder in the UK. The shift marks a transition from litigation over intellectual property to aggressive collection of a previously awarded arbitration debt.
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.
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