An ASX shareholder, Rosherville Pty Ltd, plans to seek Federal Court permission to sue former ASX officers and directors for alleged breaches of duty related to the failed blockchain-based CHESS modernization project, which was officially abandoned in May 2023. ASX has admitted to misleading the market about the project’s progress, which began in 2016 using technology developed by Digital Asset. The Australian Securities and Investments Commission (ASIC) also sued ASX over the same conduct, resulting in a 14.4 million Australian dollar penalty plus 2.1 million Australian dollars in legal costs.
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