Bank of America agreed Monday evening to pay $315 million to settle claims from investors that they were um, "misled" about mortgage-backed investments sold by its Merrill Lynch unit.

The settlement was disclosed in court papers filed late Monday in U.S. District Court in Manhattan and requires the approval of a judge, and not just any judge, it has to be approved by U.S. District Judge Jed Rakoff.

Rakoff has a bit of a penchant for transparency, justice and morality. He also seems to think criminals should actually admit their guilt.

Still, no arrests, no criminal charges.