ASX Shareholder Plans Lawsuit Over Failed Blockchain Project
Rosherville Pty Ltd, an ASX shareholder, plans to sue former ASX directors for breaches over the failed blockchain-based CHESS project.Summary
The Australian Securities Exchange (ASX) is facing a potential lawsuit from shareholder Rosherville Pty Ltd, who intends to seek Federal Court permission to commence a statutory derivative action against former ASX officers and directors. The action alleges breaches of duty related to the failed blockchain-based overhaul of the Clearing House Electronic Subregister System (CHESS). ASX had admitted to misleading the market about the project's progress, which was abandoned after significant design problems were identified. This follows legal action by the Australian Securities and Investments Commission (ASIC), which sued ASX for misleading statements and secured penalties. The proposed lawsuit could test accountability for one of Australia's costliest financial-technology failures.
(Source：Headtopics)