The country’s sharemarket operator made misleading statements about how the overhaul of its clearing and settlement system was progressing months before it revealed the crucial upgrade was failing, the corporate regulator has alleged.
The lawsuit in the Federal Court, filed by the Australian Securities and Investments Commission, is the first litigation against ASX for the botched upgrade of the post-trading platform. ASX faces a penalty that could be more than $500 million.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
