L&G defends £33m Lehmans exposure delay

The firm says it began writing to the 2,300 affected customers at the beginning of December, a little under three months after the collapse of the global investment bank. It says while it was "clearly aware" of its customers' exposure to Lehmans, it opted to wait until after a creditors meeting on 14 November as it would have been "unhelpful" to contact investors without knowing the extent of the damage. L&G says it began contacting advisers immediately after the meeting before sending letters to customers. Other providers, including NDFA, Meteor and Arc warned clients within weeks of...