Ondo Founder's Mother Sues To Oust CEO In Board Battle

Estate Claims Unlawful Power Grab at Ondo Finance

Ondo Finance is facing a serious corporate governance battle. Kathleen Allman, mother of the company's late founder Nathan Allman, has filed suit in Delaware's Court of Chancery seeking to remove current CEO Ian De Bode and determine who lawfully controls the firm.

The dispute follows the death of founder Nathan Allman earlier this year. His estate accuses former President and current CEO Ian De Bode of improperly attempting to seize control of the company while probate proceedings temporarily left its controlling voting stake in limbo. Nathan Allman died as Ondo's CEO, sole director, and controlling shareholder. His voting power became part of his estate and could not be exercised until his mother was formally appointed personal representative through Hawaii probate proceedings on June 26.

According to the complaint, before probate concluded, De Bode wrongly claimed he automatically became CEO under Ondo's bylaws, elected himself as the company's sole director through a voting agreement, and began taking corporate actions including hiring advisors, approving performance grants, and attempting to add another director. The plaintiff argues these actions were invalid, as Ondo's bylaws required explicit board action to fill any vacant officer roles rather than allowing automatic self-elevation.

Three Delaware Chancery Court filings ask a judge to determine who lawfully controls Ondo Finance and to bar extraordinary corporate actions until the governance dispute is resolved.

De Bode Rejects Claims, Cites Stakeholder Support

De Bode has pushed back against the allegations. In comments to CoinDesk, he called the decision to file suit regretful and described the claims as meritless, adding that the company retains the support of key stakeholders including its lead investors and the Ondo Foundation.

Ondo announced Allman's death on May 25, 2026, and appointed De Bode as CEO with immediate effect. Allman, a Brown University graduate, founded Ondo in 2021 after working on Goldman Sachs' digital assets team. Under his leadership the company became a prominent player in tokenized real-world assets, growing total value locked to $3.5 billion. Major products launched during his tenure include USDY, a yield-bearing stablecoin, OUSG, a tokenized U.S. Treasury fund, and tokenized equities through Ondo Global Markets. The legal battle now puts the future leadership of one of the most prominent real-world asset protocols in the hands of the courts.

Sources:
CoinDesk: Power Struggle Erupts at Ondo Finance After Founder's Death
Crypto Briefing: Ondo Finance Founder Nathan Allman Passes Away, Ian De Bode Named CEO
CoinDesk: Ondo Finance Founder Nathan Allman Passes Away