Citadel Securities claims more than $7.9 million from former employees who founded a crypto company

Odaily reported that Citadel Securities has filed a lawsuit in London, seeking over £6 million (approximately $7.9 million) in damages from its former Head of Systematic Market Making for Derivatives in Europe and co-founder of high-frequency crypto trading company Portofino Technologies, Leonard Lancia.

Citadel Securities alleges that Leonard Lancia and his colleagues began planning the startup while still employed at the firm, and that it won an employment arbitration case, securing damages and litigation costs. Additionally, Citadel Securities filed a lawsuit against Portofino Technologies in the US in 2023, accusing them of stealing trade secrets. Leonard Lancia and Portofino Technologies have denied all accusations. The High Court in London last Friday rejected Leonard Lancia’s request to lift the asset freeze order. (Bloomberg)