The U.S District Court in Manhattan has ruled that Citadel Securities' lawsuit against crypto-trading startup Portofino can proceed. Citadel Securities accused Portofino, created by two former employees, of stealing trade secrets. The court denied part of Portofino's motion to dismiss the case, as well as Citadel's claims of breach of employment contracts. However, claims regarding specific employees were dismissed but given the opportunity to be amended. The court also dismissed the case involving a French seed investor, stating lack of jurisdiction. Citadel Securities filed the lawsuit against former employees in 2023, while Portofino denies the theft allegations.



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