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Axinn, Veltrop & Harkrider Assists Syncora Guarantee Inc. In $375 Million Settlement With Bank of America Corp.

  

New York – Donald W. Hawthorne, a Partner with Axinn, Veltrop & Harkrider LLP (“Axinn”), one of the country’s leading antitrust, IP and litigation law firms, represented Syncora Guarantee Inc. in a $375 million settlement with Bank of America Corp. (“BofA”). Syncora also was represented by lawyers at Debevoise & Plimpton.

The settlement concludes litigation between BofA and Syncora, one of the major bond insurers, over claims involving residential mortgage-backed securities (“RMBS”) issued by Countrywide Financial Corporation, which BofA acquired in 2008.

Mr. Hawthorne is widely recognized for his experience handling matters relating to auction rate securities (“ARS”) arising from the credit crisis, including successfully defending a major investment bank in cases raising claims of antitrust conspiracy and securities fraud.

Syncora Holdings released a statement concerning the settlement.