ASX shareholders plan to sue former executives and directors, blockchain CHESS project fined $14.4 million
2026-08-13 01:09
Odaily Planet Daily News Australian Securities Exchange (ASX) shareholder Rosherville Pty Ltd has notified ASX of its intention to apply to the Federal Court for permission to bring a statutory derivative action against certain former ASX officers and directors. If approved, Rosherville will bring the action on behalf of ASX.
ASX stated that the action does not allege any wrongdoing by ASX itself, but did not disclose the identities of the former officers involved, the specific alleged breaches of duty, or the remedies sought. The Federal Court has not yet considered whether the case may proceed.
ASX had been advancing a blockchain-based replacement project for its CHESS clearing and settlement system since 2016, paused it in November 2022, and abandoned the blockchain approach in May 2023. On July 3, 2026, the Federal Court ordered ASX to pay a $14.4 million fine plus $2.1 million in legal costs to the Australian Securities and Investments Commission (ASIC). (Cointelegraph)
ASX stated that the action does not allege any wrongdoing by ASX itself, but did not disclose the identities of the former officers involved, the specific alleged breaches of duty, or the remedies sought. The Federal Court has not yet considered whether the case may proceed.
ASX had been advancing a blockchain-based replacement project for its CHESS clearing and settlement system since 2016, paused it in November 2022, and abandoned the blockchain approach in May 2023. On July 3, 2026, the Federal Court ordered ASX to pay a $14.4 million fine plus $2.1 million in legal costs to the Australian Securities and Investments Commission (ASIC). (Cointelegraph)
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