JPMorgan Chase & Co. (JPM), the biggest U.S. bank, agreed to pay bond insurer Syncora Guarantee Inc. $400 million to end lawsuits over mortgage-backed securities.

The insurer had claimed JPMorgan and firms the bank had acquired misrepresented the quality of loans included in securitizations. Syncora, which announced a deal on Feb. 24 without disclosing terms, said in a Feb. 28 annual regulatory report on its website that it's getting $400 million in cash from the New York-based lender.

JPMorgan Chief Executive Office Jamie Dimon, 57, has said his preference is to settle disputes tied to behavior from the financial crisis. He agreed to more than $23 billion in legal and regulatory settlements last year.

Brian Marchiony, a spokesman for the bank, declined to comment on the deal. Reuters reported the settlement figure earlier today. The settlement couldn't immediately be confirmed in court records.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.