APG, the Dutch asset manager that runs one of the world's biggest pension funds, has filed a lawsuit against Bank of America Merrill Lynch in relation to $15bn (€10.8bn) of losses and billions more in bonus payments.

APG's action stems from its shareholding in Bank of America, on which it estimates it has lost between $30m and $91m thanks to the merger with Merrill Lynch, depending on what date one counts from, according to a statement released today.