Citadel Withdraws US Trade Secrets Suit Against Portofino, Seeks to Enforce Nearly £6 Million UK Award

CoinFeed July 8 news, according to CoinDesk, market maker Citadel Securities and crypto market maker Portofino Technologies have jointly applied to dismiss the trade secrets lawsuit filed in New York, with each party bearing its own costs. Citadel stated it still stands by its allegations but believes continuing the lawsuit in the US makes it difficult to actually recover funds, shifting focus to enforcing the approximately £5.98 million (including interest and costs) award it obtained in London arbitration. The award has been confirmed by the English High Court, but Portofino co-founder Leonard (Leo) Lancia has still not paid.