ASX said shareholder Rosherville Pty Ltd plans to seek Federal Court permission under sections 236 and 237 of the Corporations Act to bring a statutory derivative action against certain former officers and directors over the exchange's failed blockchain-based CHESS replacement, with no allegations made against ASX itself. The Federal Court has not yet decided whether Rosherville can proceed, and ASX has not identified the former officials, detailed the alleged breaches, or disclosed the remedies sought. The move follows the exchange's July 3 court-ordered payment of A$20.5 million and a further A$3 million toward ASIC's costs after ASX admitted misleading conduct over its February 2022 statement that the CHESS replacement was "progressing well." The original distributed-ledger project, built with Digital Asset, was later abandoned after ASX derecognised about A$245 million to A$255 million in pretax project costs. ASX has since shifted the replacement to Tata Consultancy Services' BaNCS platform, with Release 1 launched on April 20 and Release 2, covering settlement and subregister services, currently planned for 2029.