$264m Damages Claim Against ASX for Misleading Conduct
The amended statement of claim now also alleges misleading and deceptive conduct under section 1041H of the Corporations Act by the ASX, by publishing a 'Statement of Reasons' that purported to explain the basis of the suspension of ISX securities since the 2nd October 2019.
ISX is claiming damages now in excess of $264 million.
This amount is likely to increase with the passage of time between now and a resolution of the claim, and in the absence of a corrective statement by ASX and an apology.
Mr Karantzis, CEO of ISX, said "The ASX now needs to demonstrate to the Federal Court that its 'Statement of Reasons' is supported by evidence, and not the mere conjecture that we claim it is.
Uniquely, ASX as a market operator may have mislead and deceived the market that it is obligated to maintain on a fair, transparent and orderly basis, throwing doubt on its ability to manage a Tier 1 market.
By any measure, the damages claimed and the impact of any adverse finding make this a high stakes and material case for the ASX."
To view the amended statement of claim, please visit:
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iSignthis Ltd (ASX:ISX) (FRA:TA8) is a hybrid monetary financial institution and also a RegTech leader in remote identity verification, payment authentication with deposit taking, transactional banking and payment processing capability. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment, electronic money and identity service via our Paydentity(TM) and ISXPay(R) solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity(TM) has now onboarded and verified more than 1.5m persons to an AML KYC standard.
iSignthis Paydentity(TM) service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business. iSignthis' subsidiary, iSignthis eMoney Ltd, trades as ISXPay(R), and is an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, and Australia.
ISXPay(R) is a principal member of Mastercard Inc, Diners, Discover, (China) Union Pay International and JCB International, an American Express aggregator, and provides merchants with access to payments via alternative methods including SEPA, Poli Payments, Sofort, PRZ24 and others.
Probanx Solutions Ltd, a wholly owned subsidiary of iSignthis Ltd, provides API based access to CORE Banking solutions, SEPA Core, SEPA Instant and SEPA business scheme, for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Eurosystem's Central Bank of Lithuania's CENTROLink service.