PANews, August 7: According to The Block, Kathleen Allman, the mother of the late Ondo Finance founder Nathan Allman, has filed a lawsuit in the Delaware Court of Chancery seeking control of the company and the removal of current CEO Ian De Bode. The complaint alleges that De Bode assumed the role of CEO without board approval following Nathan Allman’s death and attempted to appoint himself as the sole director. Kathleen Allman, who as the estate’s personal representative holds controlling voting rights in the company, asserts her right to restructure the board. De Bode responded that the allegations are “baseless,” noting that the company continues to receive support from major investors and the Ondo Foundation. Nathan Allman passed away in late May, at which time Ondo announced that President De Bode would succeed him as CEO.
Mother of Deceased Ondo Founder Sues for Control of the Company and Removal of the CEO
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Summary
Kathleen Allman, mother of the late Nathan Allman, founder of Ondo Finance, has filed a lawsuit in the Delaware Court of Chancery seeking control of the company and the removal of CEO Ian De Bode. The suit alleges that De Bode assumed the CEO position without board approval and attempted to appoint himself as the sole director. Kathleen Allman contends that she holds controlling voting rights and is entitled to reconstitute the board. De Bode dismissed the claims as baseless, citing support from major investors and the Ondo Foundation. Nathan Allman passed away in late May, after which Ondo announced De Bode as his successor. The case could affect liquidity and cryptocurrency markets, as governance disputes often undermine investor confidence and CFT compliance.
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