As a small measure of justice, investors have won virtually all of the arbitration cases filed against UBS and have recovered most of their Lehman Structured ProductNote losses.
In the chart (see above) we display the return profile for a product like the Merrill note: a three-times return in the 0%-to-6% range, a flat 18% return if the market does better than 6% and a full participation in losses if the market goes down.