ASX stressed that the allegations are directed at certain former officers and directors and that there are no allegations against ASX itself. The legal dispute stems from ASX’s long-running CHESS replacement program, which was designed to modernize Australia’s securities clearing and settlement infrastructure. In November 2022, ASX paused the CHESS replacement after an independent review identified major issues with the project’s design and implementation. The proposed shareholder action adds another layer of scrutiny to one of Australia’s most closely watched financial technology projects. The case could also renew investor focus on governance, project management and accountability surrounding the failed CHESS blockchain initiative.