Lehman backed structured product returns a gain

Legal & General's Protected Capital and Growth Plan 4 returned 5.55% after six years. It had four other counterparties in addition to Lehmans. The bank was the fourth largest in the US before it declared bankruptcy in 2008, sending the global economy into meltdown. Ian Lowes, director of the StructuredProductReview said the level of counterparty diversification of the L&G plan meant that even though one counterparty defaulted, the negative impact this had on L&G plan was diluted. "To produce any gain where a counterparty has become insolvent is an admirable reflection on L&G's stru...