Bank of America Settles Suit for $375 Million Bank of America has agreed to pay $375 million to settle a lawsuit brought by Syncora Guarantee, a bond insurer, over toxic mortgage-backed securities at the center of the 2008 financial crisis. Syncora sued Bank of America in 2009 to recover losses on securities transactions made by Countrywide Financial, which Bank of America bought in 2008. Syncora said that it had been duped into insuring the mortgage-backed securities and that Countrywide had misrepresented the quality of the underlying mortgages. Syncora, a unit of Syncora Holdings, announced the settlement late Tuesday. Bank of America had no immediate comment. The bank will report its second-quarter financial results on Wednesday. As home loans like those issued by Countrywide became delinquent, the mortgage-backed securities like those insured by Syncora collapsed, helping to intensify the financial crisis. In its lawsuit, Syncora claimed "a significant percentage" of the mortgage loans did not comply with Countrywide's representations and warranties.