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.”
Mastercard Teams Up with SingleView for Data-Driven Innovation
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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