Key facts
- A shareholder plans to ask a court for permission to sue former ASX directors and officers.
- The lawsuit concerns alleged breaches of duty related to the ASX's abandoned blockchain-based CHESS overhaul.
- ASX admitted to misleading the market about the project's progress.
- The shareholder aims to hold former leadership accountable for the project's failure.
- The legal action follows the ASX's admission of misleading the market.
A shareholder intends to petition a court for permission to initiate legal proceedings against former directors and officers of the ASX. The proposed lawsuit centers on alleged breaches of duty connected to the exchange's abandoned blockchain-based CHESS replacement project. This action comes after the ASX acknowledged misleading the market regarding the progress of the CHESS overhaul. The shareholder's objective is to pursue legal accountability from the former leadership for the project's failure and the subsequent disclosures made to the market. The specific allegations will likely detail how the former directors and officers managed the project and communicated its status, potentially leading to significant financial and reputational damage for the ASX. The court's decision on granting permission will be a critical next step in this proposed litigation.