Citadel drops U.S. trade secrets case after 6 million-pound London award

Citadel Securities has withdrawn its U.S. trade-secrets lawsuit against crypto market maker Portofino Technologies after both sides agreed to dismiss the New York case on July 8, 2026, with each party bearing its own costs. The firm is now focused on enforcing a £5.98 million, roughly $7.9 million, arbitration award against Portofino co-founder Leonard Lancia in the U.K., where the English High Court recognized the award in February 2026 and a statutory demand followed in April. After Lancia did not pay, Citadel escalated through bankruptcy proceedings, and he is now subject to a worldwide freezing order. The original 2023 U.S. lawsuit accused Portofino's founders of taking proprietary trading strategies and other intellectual property when they left Citadel. Portofino, founded in 2021 by Leonard Lancia and Alex Casimo, has continued operating through the litigation as a high-frequency crypto market maker after raising more than $50 million in 2022 and obtaining a U.K. digital asset service provider license. The shift matters because enforcing a recognized award and pursuing insolvency can offer a more direct route to recovery than prolonged trade-secrets litigation, while any action against Lancia's stake in Portofino could raise questions for ownership and governance.