Citadel Securities Sues Former Employee for Over $7.9 Million Over Crypto Startup

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

Citadel Securities alleges that Leonard Lancia and his colleagues began planning their startup while still employed, and has won damages and legal cost support in related labor arbitration. Additionally, Citadel Securities filed a lawsuit against Portofino Technologies in the US in 2023, accusing it of stealing trade secrets. Leonard Lancia and Portofino Technologies have denied all allegations. The High Court in London rejected Leonard Lancia's request to lift the asset freezing order last Friday. (Bloomberg)