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If Successful, Fukushima Class Actions Could Wipe Out GE

(CN) – General Electric faces two multibillion-dollar class actions from people hurt by the Fukushima nuclear disaster and its aftermath, who say GE and GE-Hitachi failed to properly design and maintain the power plant.
One 2-page summons and notice in New York County Supreme Court demands compensatory damages of at least $3 million per plaintiff, but does not estimate the size of the class.
No one died in the radiation leak set off by a tsunami, but more than 100,000 people were evacuated.
At $3 million apiece, damages would come to $300 billion.
If granted, such an award could wipe out General Electric, which Forbes calls the second-largest company in the world.
GE has 10 billion shares outstanding, and is trading at about $26, giving it a market capitalization of about $260 billion.
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