Shareholders file $67 billion lawsuit against TEPCO Executives

Shareholders of Tokyo Electric Power Co Inc, operator of the crippled Fukushima nuclear plant in northeast Japan, are suing the utility’s executives for a record 5.5 trillion yen ($67.4 billion) in compensation, lawyers said.

The Fukushima Daiichi plant was wrecked by a quake and tsunami last March, triggering the world’s worst nuclear crisis in a quarter of a century and swamping the firm with huge clean-up, compensation and decommissioning costs.

In the biggest claim of its kind in Japan, 42 shareholders filed a lawsuit in the Tokyo District Court on Monday accusing 27 current and former Tepco directors of ignoring multiple warnings of a possible tsunami and of failing to prepare for a severe accident, lawyers for the shareholders said in a statement.

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Japan’s Government Orders Compensation for Nuclear Plant Evacuees

Japans government ordered the operator of a tsunami-damaged nuclear plant leaking radiation to pay $12,000 to each household forced to evacuate from the area, but some of the displaced said Friday the handout was not enough.Tens of thousands of residents unable to return to their homes near the nuclear plant are bereft of their livelihoods and possessions, unsure of when, if ever, they will be able to return home. Some have traveled hundreds of kilometers miles to Tokyo Electric Power Co.s headquarters in Tokyo to press their demands for compensation.Hiroaki Wada, a Trade Ministry spokesman, said Friday that TEPCO will pay compensation as soon as possible, with families forced to evacuate getting 1 million yen about $12,000 and individuals getting 750,000 yen about $9,000. Payments are due to begin on April 28.

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