Citadel withdraws U.S. trade secret lawsuit against Portofino, shifts to filing for bankruptcy proceedings in the UK.

Wall Street’s leading market-making firm Citadel Securities has dropped its trade secret lawsuit against U.S.-based Portofino Technologies and is seeking to push for bankruptcy proceedings against the company’s founder in the U.K. Earlier, Citadel obtained a roughly £6 million damages award in a London arbitration. Citadel stated that continuing with the U.S. lawsuit would make it difficult to actually recover the compensation, so it decided to abandon the U.S. case and turn to U.K. legal processes. The dispute involves trade secret conflicts between Citadel and Portofino Technologies. Founded by billionaire Ken Griffin, Citadel Securities is one of the world’s major market makers, with significant influence in both traditional financial markets and crypto markets.