Citadel Securities Americas LLC v. Portofino Technologies AG
- Gregory Woods
- 1:23-cv-05222
- U.S. District Court · Southern District of New York
- 2
In Citadel Securities v. Portofino, Judge Woods denied Portofino’s request for another counsel-search update and extended the stay until July 5.
Portofino Technologies AG and Portofino Technologies USA, Inc. must obtain counsel and have counsel formally appear by July 5, 2025, or the Court will find Portofino in default. The case remains stayed until that date.
What happened
Citadel Securities Americas LLC v. Portofino Technologies AG concerns Portofino’s effort to obtain new lawyers after its previous law firm withdrew. The court had stayed the case for 60 days and required Portofino to report on its search.
Portofino reported that it was in final discussions with potential litigation counsel and asked to provide another update by July 5, 2025. The court denied that request because Portofino had already had two months to find new counsel and had not explained the delay.
Judge Gregory H. Woods extended the stay until July 5, 2025, but stated that Portofino would be found in default if new counsel did not formally appear by then. The court also directed the Clerk to mail the order to Portofino.
The detailed version
- Citadel Securities Americas LLC v. Portofino Technologies AG · No. 1:23-cv-05222
- Gregory Woods
- June 16, 2025
Background
On April 15, 2025, the Court allowed Susman Godfrey LLP to withdraw as counsel for Portofino Technologies AG and Portofino Technologies USA, Inc., collectively referred to in the opinion as “Portofino.” The Court stayed the case for 60 days so Portofino could obtain new counsel and required Portofino to submit an update by June 14, 2025.
Portofino’s Request
On June 12, 2025, Portofino told the Court that it was actively engaged in final discussions with qualified litigation counsel and expected to finalize representation shortly. Portofino asked to submit another update by July 5, 2025.
Ruling
The Court denied Portofino’s request for another update. It stated that Portofino had two months to secure new counsel and had not explained why representation had not been finalized. The Court cited the rule that a corporation cannot appear in court except through an attorney.
The Court extended the stay until July 5, 2025. It stated that if new counsel for Portofino did not file a formal notice of appearance by that date, the Court would find Portofino in default. The Clerk of Court was directed to mail a copy of the order to Portofino at the address stated in the order.
Read the full 2-page opinion on CourtListener, the free public archive maintained by the Free Law Project.