Ondo Finance Founder’s Mother Sues for Control, Seeks CEO Removal

A legal battle over control of Ondo Finance has reached a Delaware court, where late founder Nathan Allman’s mother is seeking to oust CEO Ian De Bode and take control of the company.

Acting as the representative of Allman’s estate, she claims authority over the company’s voting power and says she can reconstitute its board. Her lawsuit also alleges that De Bode became chief executive after Allman’s death without receiving board approval.

De Bode disputes the claims, saying Ondo’s existing leadership has the support of the Ondo Foundation, lead investors and other key stakeholders.

At the time of writing, ONDO, the Ondo Finance ecosystem’s native utility and governance token, was trading at $0.3505, down 6.4% over the previous 24 hours.

Source: The Block