Ondo Finance Sued as Founder’s Mother Seeks to Oust CEO

Summary

• The mother of Ondo’s late founder has filed three Delaware suits to remove CEO Ian De Bode.
• The dispute hinges on who could legally vote the founder’s controlling shares during probate.
• De Bode says he retains the backing of Ondo’s lead investors and the Ondo Foundation.
• The fight lands as Ondo pushes deeper into tokenized stocks and weighs a large acquisition.

Kathleen Allman, mother of deceased Ondo Finance founder Nathan Allman, has asked Delaware’s Court of Chancery to strip Ian De Bode of the chief executive role and confirm that she, as representative of her son’s estate, controls the company. In three filings lodged this week, she argues that Nathan’s controlling voting stake passed to his estate when he died in May, and that De Bode consolidated power over the tokenized real-world asset issuer while that stake was frozen in probate. De Bode, who ran Ondo day to day as president before taking the top job, calls the claims meritless and says he still has the confidence of the company’s major investors.

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