ASX shareholder seeks court action against former directors

ASX shareholder Rosherville Pty Ltd has notified the Australian Securities Exchange that it plans to seek Federal Court permission to pursue certain former officers and directors over the failed CHESS replacement project. Summary Rosherville plans to seek Federal Court approval to sue ASX officers and directors over CHESS. ASX says the proposed derivative action contains no allegations against the exchange itself at present. Federal Court ordered ASX to pay A$20.5 million over its earlier misleading CHESS project statement. ASX scrapped the original distributed ledger system after writing off A$245 million to A$255 million. ASX replacement Release 1 launched in April while Release 2 is currently planned for 2029. ASX disclosed the proposed statutory derivative action on Aug. 12, less than six weeks after the exchange was ordered to pay an A$20.5 million penalty in a separate regulatory case over the same project. The exchange said Rosherville alleges breaches of directors’ duties connected with the previous project. ASX stressed that the proposed action contains no allegations against the company itself. Its announcement does not identify the former officials, detail their alleged ...