Dutch pension fund giant ABP has launched a multimillion-dollar lawsuit against Royal Dutch Shell, its auditors PwC and KPMG, and former finance director Judy Boynton over the company's reserves scandal.

The fund, which looks after the pensions of Dutch public sector employees and 25 other pension funds, has 2.5 million members and €168bn (£115bn) of assets under management.

PwC and KPMG are accused of making false and misleading statements. Boynton, former Shell head Sir Mark Moody-Stuart and other directors are also being sued, The Times reports.

ABP claims that because reserve levels were allegedly reported falsely, it paid inflated prices for Shell stock. Shell said it would defend the action 'vigorously'. KPMG would not comment and PwC said the papers had yet to be served.

Shell and the two accounting firms are already facing class-action suits from US investors over the scandal and last year paid out $99m (£56m) to other plaintiffs.