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FollowingOndo Finance is facing an inheritance lawsuit accusing management of illegally seizing power
Ondo Finance is facing a tough corporate governance battle. Catherine Allman, the mother of the company's late founder Nathan Allman, has filed a lawsuit in the Delaware Court of Chancery, seeking the removal of current CEO Ian DeBode and a court ruling on who is the legal control of the company.
The dispute stems from the death of founder Nathan Allman earlier this year. Its estate accuses former president and current CEO Ian Debold of trying to seize control of the company through improper means while the company's probate process temporarily put his controlling voting rights on hold. Nathan Allman died as CEO, sole director and controlling shareholder of Ondo. His right to vote became part of his estate and could not be exercised until June 26, when his mother was formally appointed as a personal representative through the Hawaiian probate process.
The complaint alleges that before the probate process was completed, DeBode mistakenly claimed that he automatically became CEO under Ondo's company's bylaws, used a voting agreement to elect himself as the company's sole director, and then began taking corporate actions, including hiring consultants, approving performance awards and attempting to add another director. The plaintiffs argued that these actions were invalid because Ondo's company charter required a clear board resolution to fill any executive vacancy, rather than allowing automatic promotions.
Three documents from the Delaware Court of Chancery require a judge to determine who legally controls Ondo Finance and prohibit the company from taking any significant action until the governance dispute is resolved.
DeBode denied the allegations, saying he had the support of stakeholders.
DeBode refuted the allegations. In an interview with the media, he said the decision to file a lawsuit was regrettable and called the allegations groundless. He added that the company still enjoys the support of key stakeholders, including its lead investors and the Ondo Foundation.
Ondo announced Allman's death on May 25, 2026 and appointed DeBode as CEO with immediate effect. Allman graduated from Brown University and worked on the Goldman Sachs digital assets team before founding Ondo in 2021. Under his leadership, the company became an important player in the tokenized real-world asset space, with the total locked value growing to US$3.5 billion. The main products launched during his tenure include: income-based stablecoin USDY, tokenized U.S. Treasury fund OUSG, and tokenized stocks issued through Ondo Global Markets. Now, the legal battle puts the future leadership of the best-known real-world asset deal in the hands of the courts.
