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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Japanese companies meet to establish standards for electric cars

On Monday, Japanese auto giants and Tokyo Electric Power Company (TEPCO) joined forces to set up a common system to recharge electric cars, with the hopes to create a global standard.

The growth of the electric vehicle sector has brought questions over whether zero-emission cars or the networks of recharging stations should come first.

Toyota, Nissan, Mitsubishi Motors and Fuji Heavy Industries have linked up with TEPCO to organize “CHAdeMO.”

The name comes from the words “Charge” and “Move” and a pun on the popular Japanese phrase.

There are 158 companies and government bodies that are members, including 20 foreign firms.

TEPCO chariman Tsunehisa Katsumata said standardizing charging infrastructure is vital to making electric cars popular.

“We need to make this protocol a standard protocol outside of Japan,” he told a gathering in a Tokyo hotel.

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