US - New Jersey has sued Merrill Lynch for providing misleading information underlying its sale of US$300m in preferred stock to the state pension funds, said state attorney general Anne Milgram.

SWITZERLAND - Transaction costs for trades in the Swiss stock markets dropped 8.92% from the first quarter to the second quarter, according to data released by State Street.

The National Society for the Prevention of Cruelty to Children has announced it will close its final salary pension scheme to existing members.

ITALY - Italy's largest pension fund Fondo Cometa has hired MangustaRisk to conduct what could be the year's largest manager search in Europe.

NETHERLANDS - Horeca & Catering, the Dutch pension fund for the hospitality and catering industry, has hired Vanguard to run a €36m (US$50.8m) US small-cap equity index mandate.

The London Borough of Hounslow has appointed Capita Hartshead to provide administration and advice to the council's pension fund.

The Universities Superannuation Scheme's funding level dropped by 29 percentage points due to losses on investments, and increases in salaries and pensions, its 2009 accounts reveal.

IRELAND - Over 40% of defined benefit schemes' sponsors indicated they are considering reducing member benefits in a bid to shore up funding deficits, a survey by PricewaterhouseCoopers (PwC) revealed.

Parity Training has appointed benefit and reward consultancy firm Enrich as its healthcare and risk adviser.

Penrose Financial has launched a guide to dealing with the media for scheme trustees.