ASX shareholders plan to sue former executives and directors, blockchain CHESS project fined 14.4 million USD

Rosherville Pty Ltd, a shareholder of the Australian Securities Exchange (ASX), has notified the ASX of its intention to apply to the Federal Court for permission to initiate a statutory derivative action against certain former ASX officials and directors. If approved, Rosherville will sue on behalf of the ASX. The ASX stated that the relevant lawsuit does not accuse the ASX itself, but has not disclosed the identities of the former officials involved, the specific obligations allegedly violated, or the remedies sought. The Federal Court has not yet considered whether the case can proceed.

The ASX has been advancing a blockchain-based CHESS clearing and settlement system replacement project since 2016, which was suspended in November 2022 and abandoned the blockchain solution in May 2023. On July 3, 2026, the Federal Court ordered the ASX to pay a fine of $14.4 million and $2.1 million in litigation costs to the Australian Securities and Investments Commission (ASIC).