Europe's two largest pension funds have teamed up to launch legal action against Royal Dutch Shell for misleading investors over energy reserves. ABP, with €168bn ($203bn) in assets, and PGGM, with €69bn, have named the company, its auditors and some of its directors as defendants.

ABP, the Dutch public workers' scheme and the largest pension fund in Europe with €168bn ($203bn) in assets, has teamed up with Dutch healthcare workers' fund PGGM, Europe's second largest scheme with €69bn in assets.