ASX’s failed blockchain-based CHESS overhaul faces renewed governance scrutiny after the exchange admitted misleading the market.
An Australian Securities Exchange (ASX) shareholder plans to seek Federal Court permission to sue former ASX officers and directors over alleged breaches of duty connected to its failed blockchain-based clearing and settlement overhaul.
On Wednesday, ASX said Rosherville Pty Ltd had notified the exchange that it proposes to apply for leave to commence a statutory derivative action under sections 236 and 237 of Australia’s Corporations Act. If approved, Rosherville would bring the proceedings on ASX’s behalf.
The exchange said there were no allegations against ASX itself. It did not identify the former officials targeted, describe their alleged breaches in detail or disclose the remedies Rosherville intends to seek, while the court has not considered whether the proposed case can proceed.
