Shareholders ask Tepco’s executives for $67B

7 years ago by in Business, Featured

A number of 42 shareholders of Tepco, the operator of the crippled nuclear plant in Fukushima, have filed a suit against the company asking for a record Y5.5 trillion ($67 billion) in compensation.

It is the largest claim of this kind ever made in Japan. The shareholders accused 27 current and former Tepco directors of systematically ignoring tsunami warnings and failing to prepare for a possible accident like the one that destroyed the plant.

The claim, filed at the Tokyo District Court on Monday, urges the directors to pay damages to the company, which in turn would compensate those affected.

“By seeking to hold individuals responsible, we want to correct the collective and systemic irresponsibility in the nuclear industry,” said one of the lawyers.

The compensation amount was calculated starting from a government-made evaluation of what the company would have to pay to affected individuals and businesses, the lawyer added.

Tepco declined to comment on the topic.

In a recent case related to a $1.7 billion fraud, technology maker Olympus Corp sued 19 current and former directors for up to $50 million in compensation.