ASX Shareholder Seeks Court Approval to Sue Former Directors Over Failed Blockchain Project

An Australian Securities Exchange shareholder is moving to take legal action against former ASX officers and directors, tied to the exchange’s collapsed blockchain based clearing and settlement overhaul. The shareholder, Rosherville Pty Ltd, has notified ASX of plans to seek Federal Court approval to launch a statutory derivative action under Australia’s Corporations Act.

No Details Yet on Targeted Officials

If granted permission, Rosherville would pursue the case on ASX’s behalf. The exchange clarified there are no allegations against ASX itself, and it has not named the former officials involved, detailed the alleged breaches, or disclosed what remedies are being sought. The court has yet to decide whether the case can proceed.

A Long History of Delays

ASX began developing a blockchain replacement for its CHESS settlement system in 2016, partnering with Digital Asset. The project faced repeated delays before being paused in 2022 following a critical review, and was formally abandoned in 2023.

Regulatory Fallout Continues

The Australian Securities and Investments Commission sued ASX in 2024 over misleading statements about the project’s progress. In June 2026, ASX admitted to misleading conduct, and the Federal Court later ordered the company to pay a 14.4 million dollar penalty plus 2.1 million dollars toward regulatory costs.