Think they'll collect? Nuke Utility Shareholders to Sue Corp. Directors for $71 Billion

[kristopher]

TEPCO shareholders demand directors pay for mistakes

Forty-two shareholders of Tokyo Electric Power Co. are demanding that the company's auditors file a 5.5-trillion-yen ($71 billion) damages suit against current and former TEPCO directors over the accident at the Fukushima No. 1 nuclear power plant.

The shareholders on Nov. 14 blamed the accident on TEPCO management’s failure to take sufficient measures to deal with earthquakes and tsunami and threatened to file a shareholders' suit under the Company Law unless the auditors take action within 60 days.

They said TEPCO should use the lawsuit to retrieve the losses it has suffered following the Fukushima disaster from directors and use those funds to compensate victims of the accident.

"TEPCO is effectively bankrupt, but management remains almost intact," Tetsuo Horie, a 63-year-old shareholder, told a news conference. "Directors will repeat the same mistakes unless they have taken responsibility."

The shareholders are targeting 61 individuals ...

http://ajw.asahi.com/article/0311disaster/fukushima/AJ201111150036