In a dramatic legal showdown, a former executive has filed a lawsuit against a major regional bank, alleging rampant insider dealing and retaliatory termination. On April 10, 2025, Kenton Girard filed the complaint in the Circuit Court of Cook County, Illinois, against Old National Bancorp and several of its executives.
Kenton Girard, an experienced commercial real estate expert with an MBA from the University of Chicago, served as Director of Corporate Real Estate VP at Old National Bancorp (ONB) from October 11, 2022, until his termination on March 13, 2025. Girard's complaint accuses ONB of fostering a culture rife with insider deals that compromised shareholder interests. According to Girard, these transactions were structured to benefit insiders and their associates while violating banking regulations and fiduciary duties.
Girard claims he was tasked with managing ONB's real estate concerns but soon uncovered problematic acquisitions and service contracts designed to favor certain clients linked to ONB insiders. One employee highlighted in the complaint is Cory Mills, who allegedly engaged in awarding one-bid contracts without competitive bidding. Girard asserts that his efforts to implement transparency and cost-saving measures saved ONB over $12 million during his tenure. However, he alleges that his whistleblowing led to his unlawful termination.
The complaint details various instances where Girard identified questionable deals involving ONB properties and vendor relationships. For example, he flagged a $5 million project awarded without competitive bidding and raised concerns about nepotism within vendor management. Despite reporting these issues internally and to regulators like the FDIC and Treasury Department, Girard claims he faced retaliation culminating in his dismissal.
Girard seeks compensatory damages exceeding $100,000 for lost wages and benefits due to what he describes as retaliatory discharge under the Illinois Whistleblower Act. He also demands punitive damages for emotional distress caused by his abrupt termination and subsequent financial losses due to unauthorized stock conversion by Morgan Stanley Smith Barney LLC.
Representing himself pro se in this case against Old National Bancorp are attorneys James C. Ryan III, James A. Sandgren, Angela L. Putnam, Kawn W. Watters, Tela M. Erdell from Human Resources at ONB; alongside Morgan Stanley Smith Barney LLC named as defendants too; all overseen by Judge Mariyana T Spyropoulos under Case ID: 2025L004935 filed on April 10th - seeking justice through Cook County's Circuit Court system today!