Forty-two shareholders of Tokyo Electric Power (TEPCO) are suing the operator of the crippled Fukushima nuclear plant seeking a record-breaking $67 billion compensation, news reports said Monday.

The shareholders filed the lawsuit with the Tokyo District Court against 27 current and former executives of TEPCO, public broadcaster NHK and Kyodo News reported.

The plaintiffs are jointly seeking a record 5.5 trillion yen ($67 billion) in compensation, claiming that the accident was caused by their negligence in ignoring safety measures, including building wave barriers, Kyodo said.

The company, which expects to lose 695 billion yen in the year to March, also faces huge compensation claims from those made homeless as a result of the crisis at the plant, which was hit by last March's tsunami, as well as those further afield whose lives have been affected.

The plaintiffs claim that the management simulated the impact of a sizeable tsunami on the plant in 2008 and concluded that a wave of up to 15.7 metres (52 feet) could hit the plant if a magnitude-8.3 quake occurred off Fukushima.

The plant was crippled by meltdowns and explosions caused by huge waves that followed a 9.0-magnitude earthquake. Radiation was scattered over a large area and made its way into the ocean, air and food chain.