Here’s a cleaner, more polished rewrite:

After winning a £6 million arbitration award in London, Citadel has dropped its U.S. trade secrets lawsuit, saying further legal action would likely result in another judgment it cannot enforce.

The firm withdrew its case against crypto market maker Portofino Technologies, noting that collecting the nearly £6 million (around $8 million) already awarded has proven difficult, making additional litigation financially unjustified.

In a Wednesday filing, both Citadel and Portofino agreed to dismiss the New York case. At the same time, Citadel petitioned England’s High Court to declare founder Leonard Lancia bankrupt over the unpaid award—signaling a clear shift from pursuing claims to recovering funds.

Under the dismissal terms, each side will bear its own legal costs, and Citadel also dropped claims against unidentified defendants.

Portofino Technologies, a Swiss crypto-focused fintech founded in 2021 by former Citadel Securities executives, offers institutional services such as market making, OTC trading, and treasury management.

The decision ends nearly three years of litigation without a ruling on the trade secrets allegations.

Citadel emphasized that the move was not due to any weakness in its case. It pointed to a prior London arbitration win involving claims of breach of contract, conspiracy, and deceit—an award later recognized and enforced by the High Court.

However, difficulties in collecting that award have led the firm to pursue bankruptcy proceedings against Lancia.

According to court filings, Lancia owes £5.98 million from the 2025 arbitration ruling by the London Court of International Arbitration, along with accrued interest and legal costs.

The filing also notes that the award was upheld by England’s High Court in February, a statutory demand issued in April went unpaid, and Lancia’s attempt to challenge it was dismissed in May.

Citadel estimates it holds only about £21,886 in secured assets against the debt, largely consisting of small bank balances and minor stakes in French companies.

In a letter accompanying the U.S. dismissal, Citadel added that Lancia is subject to a global asset-freezing order and ongoing bankruptcy proceedings. It also said that evidence presented at a June 26 High Court hearing failed to demonstrate that his stake in Portofino holds significant value.

Given these developments, Citadel concluded that continuing litigation would likely yield little more than another unenforced judgment.