ASX Shareholder Seeks Derivative Lawsuit Against Former Directors Over Failed Blockchain Plan

An Australian Securities Exchange (ASX) shareholder is seeking permission from the Federal Court to pursue a statutory derivative lawsuit targeting certain former ASX officers and directors over alleged breaches connected to the exchange's abandoned blockchain-based clearing and settlement overhaul.

The shareholder, Rosherville Pty Ltd, has notified ASX of its intention to apply for leave to bring the case under sections 236 and 237 of Australia's Corporations Act. If the court grants leave, the proceedings would be brought on ASX's behalf.

The proposed action follows a broader regulatory reckoning over ASX's CHESS replacement project, including findings by ASIC. In 2026, ASIC took action against ASX itself, alleging it did not have a reasonable basis for telling the market in February 2022 that the project was 'progressing well' and on track for an April 2023 launch.

The regulatory case concluded with a penalty of $14.4 million and costs of $2.1 million against ASX, effectively bringing ASIC's enforcement action to an end. Rosherville's proposed derivative action suggests some investors believe the responsibility for the issues may also sit with former decision-makers at the governance and management level.