ASX shareholder plans to sue former directors over failed blockchain project
An ASX shareholder, Rosherville Pty Ltd, plans to seek Federal Court leave to bring a statutory derivative action against former ASX officers and directors over alleged duty breaches tied to the failed CHESS blockchain overhaul. ASX said the proposed case is under sections 236 and 237 of the Corporations Act, but no court decision has been made and no allegations are made against ASX itself. The targeted former officials and claimed remedies were not disclosed. The lawsuit follows the collapse of ASX’s attempt to replace CHESS with a distributed-ledger system, which was repeatedly delayed and abandoned in 2023 after major design and performance problems. ASIC later sued ASX over misleading market statements about the project, and ASX ultimately admitted misconduct and paid a $14.4 million penalty plus costs.
