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Golden Finance reports that encryption company Portofino Technologies wants the New York District Court to dismiss a lawsuit filed by Citadel Securities over alleged trade secrets. A lawyer representing Portofino said the case should be dismissed, in part because it should be heard in British courts, not New York.
Lawyers said the real interests of the plaintiffs and Portofino are both European entities and that Portofino co-founders Leonard Lancia and Alex Casimo worked for Citadel Europe, so the allegations occurred in Europe.
Lancia and Casimo were indicted in May for allegedly obtaining proprietary information from Citadel Securities during the development of the company. Citadel Securities wants to go to trial to determine monetary damages and potential compensation.