TechFlow news, July 08, according to CoinDesk, Wall Street market-making giant Citadel Securities has dropped its U.S. trade secret lawsuit against crypto market maker Portofino Technologies, and is instead seeking to recover nearly 6 million pounds in arbitration awards previously obtained through U.K. bankruptcy proceedings.
On Wednesday, Citadel filed documents with a U.S. court, jointly applying with Portofino to dismiss the New York trade secret case, stating that continuing the U.S. litigation lacks economic sense because the judgment won in the previous London arbitration remains difficult to enforce. Reportedly, the case lasted nearly three years, but the U.S. litigation ultimately did not make a substantive ruling on the trade secret allegations previously raised by Citadel. Citadel emphasized that the withdrawal of the lawsuit is not because its trade secret claims lack basis, but because the company has already won in another London arbitration proceeding.
