Zoe Hillman

A judge has hit ASX Limited with a $20.5 million penalty after it admitted that a February 2022 statement to the market that its CHESS replacement project was “progressing well” was misleading. 

ASX Limited has told a judge it did not intend to mislead shareholders when it told the market that its CHESS replacement project was “progressing well” and that a $20.5 million penalty was sufficient to achieve deterrence.

Super fund trustee REST Nominees is the first of the Dexus bloc of APAC shareholders to challenge a finding that a default notice issued by the board of the airport operator was valid.

ASX Limited has reached a settlement with the corporate regulator just hours before a scheduled trial in a case over a market announcement that said its CHESS replacement project was “progressing well”.

The forced divestiture of Dexus' stake in airport operator APAC will proceed, after a court on Friday discharged injunctions temporarily blocking the sale amid a dispute over the disclosure of confidential information.

A judge overseeing ASIC’s case against the ASX over its CHESS replacement plan will allow remote evidence by the US-based director of a New York tech company, who allegedly gave the exchange an assurance about the project's timeline.

Dexus has stood down executives, sacked its advisers and launched a review of its $7 billion infrastructure division, following last week's judgment upholding the validity of a default notice by Melbourne Airport's operator.

Dexus has lost its case over the validity of a default notice issued by Melbourne Aiport's operator, with a judge saying the real estate asset manager breached the company's confidentiality and "irrevocably undermined" its relationship with fellow shareholders.

Heads may roll after a court on Friday rejected the evidence of key Dexus employees at trial over a breach of APAC's shareholder deed, in a ruling that revealed some insiders suspected the "embarassing blunder" would come back to bite.

Apple will bring a “full-bodied” opposition to a bid to expand a class action over the running of its App Store, after a judge found the tech company engaged in anti-competitive conduct in the app marketplace last year.