Cryptocurrency Firm Portofino Technologies Requests Dismissal of Lawsuit by Citadel Securities
Cryptocurrency company Portofino Technologies is seeking the dismissal of a lawsuit filed by Citadel Securities over alleged trade secrets. The case, according to a filing on Tuesday, should be conducted in England rather than New York, as both Portofino and the real plaintiffs in interest are European entities. Portofino co-founders Leonard Lancia and Alex Casimo previously worked for Citadel Europe, and the alleged trade secret violations occurred in Europe.
Allegations and Intimidation Tactics
In May, Lancia and Casimo were accused of accessing Citadel Securities’ proprietary information during the development of their own firm. Citadel Securities aims to bring them to trial to determine monetary damages and potential restitution. However, Portofino’s lawyer argues that there is a lack of evidence supporting the trade secret claims. The lawyer further suggests that Citadel Securities’ intentions are to intimidate other employees who may consider leaving.
About Portofino Technologies
Portofino was established last year and specializes in high-frequency trading technology for digital assets. The company claims to have already traded billions of dollars across various cryptocurrency exchanges. This includes both centralized and decentralized platforms, as well as over-the-counter trading.
Pending Arbitration and Disputed Claims
In June 2022, Citadel Europe filed an arbitration against Lancia and Casimo in London. However, dissatisfied with the progress, Citadel Europe and its American affiliates subsequently filed the lawsuit in New York. Portofino’s lawyers argue that if the case proceeds, it should be stayed until the outcome of the London arbitration in May 2024.
Citadel Securities’ Allegations Against Portofino’s Founders
Lawyers for Citadel Securities claim that Portofino’s founders touted their employees’ experience at Citadel Securities and their plans to expand in New York. However, these lawyers argue that Lancia and Casimo engaged in deceptive practices, including stealing trade secrets, lying to colleagues, and recruiting from Citadel Securities’ workforce. According to Citadel Securities, the founders secretly designed and launched their crypto market-making firm while still employed by Citadel Securities.
Hot Take: Portofino Technologies Fights Back Against Allegations
Cryptocurrency firm Portofino Technologies is pushing for the dismissal of a lawsuit filed by Citadel Securities over alleged trade secrets. The company argues that the case should be conducted in England rather than New York, as both Portofino and the plaintiffs are European entities. Additionally, Portofino’s lawyer claims there is a lack of evidence supporting the trade secret claims made by Citadel Securities. The lawsuit is seen as an attempt to intimidate employees who may consider leaving Citadel Securities. Portofino Technologies specializes in high-frequency trading technology for digital assets and has traded billions of dollars across various cryptocurrency exchanges.
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