The damage claims relate to ASX suspending trading in ISX’s shares.
iSignthis (ASX:ISX) announced today that it has increased the damage claims against the Australian Securities Exchange (ASX) Limited with the Federal Court of Australia, as well as further set out what the damages relate to.
According to a statement written by ISX today, the payments identity company has added damages of $200.7 million against ASX. This relates to the Exchange ’s decision to suspend trading in iSignthis’ shares and continue to keep trading suspended.
The $200.7 million in damages is on top of the $264 million already claimed by ISX. As Finance Magnates reported, in recent weeks iSignthis filed an amended statement of claim with the Federal Court, claiming damages in excess of $264 million.
iSignthis Claims ASX Failed to Act in Good Faith
iSignthis has added the extra damages to its statement of claim because it contends that by suspending and keeping its shares suspended, ASX has failed to act in good faith, either honestly, fairly and reasonably in exercising its powers under the Listing Rules, the company said in its statement.
Speaking to Finance Magnates, a spokesperson from the ASX said that the exchange has noted the latest increase in the damages claimed by ASX, and referred to its statement on 21st August 2020 regarding the litigation.
"In that update, ASX stated that the matter is not considered material. That reflects our view of the merits of the claim and remains our assessment at this time, notwithstanding the changing amounts being claimed," the spokesperson said.
Commenting on the changes, John Karantzis, CEO of ISX, commented in the statement: “By any measure, the increase in damages claimed by ISX and the impact of any adverse finding continues to make this a high stakes and material case for the ASX, as the impact goes beyond monetary damages and challenges ASX’s conduct and suitability to operate a market.
“The ASX has to substantiate its reasons for the suspension of iSignthis Ltd, based upon the facts as they were known to it on the 2nd October 2019. To date, we still have seen no evidence of any investigation into 'price Volatility' by the ASX, nor how price volatility could have been the reason for suspension.
“It would seem inconceivable under the ASX’s own Listing Rules that the board of the ASX would consider this action as ‘not material’, especially given both the quantum and the impact any contravention of s1041H of the Corporations Act would have on the ASX’s Australian market operators license.”
iSignthis (ASX:ISX) announced today that it has increased the damage claims against the Australian Securities Exchange (ASX) Limited with the Federal Court of Australia, as well as further set out what the damages relate to.
According to a statement written by ISX today, the payments identity company has added damages of $200.7 million against ASX. This relates to the Exchange ’s decision to suspend trading in iSignthis’ shares and continue to keep trading suspended.
The $200.7 million in damages is on top of the $264 million already claimed by ISX. As Finance Magnates reported, in recent weeks iSignthis filed an amended statement of claim with the Federal Court, claiming damages in excess of $264 million.
iSignthis Claims ASX Failed to Act in Good Faith
iSignthis has added the extra damages to its statement of claim because it contends that by suspending and keeping its shares suspended, ASX has failed to act in good faith, either honestly, fairly and reasonably in exercising its powers under the Listing Rules, the company said in its statement.
Speaking to Finance Magnates, a spokesperson from the ASX said that the exchange has noted the latest increase in the damages claimed by ASX, and referred to its statement on 21st August 2020 regarding the litigation.
"In that update, ASX stated that the matter is not considered material. That reflects our view of the merits of the claim and remains our assessment at this time, notwithstanding the changing amounts being claimed," the spokesperson said.
Commenting on the changes, John Karantzis, CEO of ISX, commented in the statement: “By any measure, the increase in damages claimed by ISX and the impact of any adverse finding continues to make this a high stakes and material case for the ASX, as the impact goes beyond monetary damages and challenges ASX’s conduct and suitability to operate a market.
“The ASX has to substantiate its reasons for the suspension of iSignthis Ltd, based upon the facts as they were known to it on the 2nd October 2019. To date, we still have seen no evidence of any investigation into 'price Volatility' by the ASX, nor how price volatility could have been the reason for suspension.
“It would seem inconceivable under the ASX’s own Listing Rules that the board of the ASX would consider this action as ‘not material’, especially given both the quantum and the impact any contravention of s1041H of the Corporations Act would have on the ASX’s Australian market operators license.”
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Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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