Citadel drops U.S. Portofino suit, seeks bankruptcy order against firm's founder in UK
60-second summary
Citadel drops its U.S. trade secrets case against Portofino, citing a 6 million-pound London arbitration award, which likely renders further U.S. judgments uncollectible. This strategic move allows Citadel to pursue a bankruptcy order against Portofino's founder in the UK, where the arbitration award can be enforced, potentially crippling the firm's assets.
After winning a 6 million-pound London arbitration award, Citadel dropped its U.S. trade secrets case, saying another judgment would likely go uncollected.