Bank of America Corp. has agreed to pay $315 million to settle claims that its Merrill Lynch unit made false and misleading statements about the quality of subprime MBS it sold to investors.

The proposed settlement was filed late Monday night with the U.S. District Court in Manhattan. The settlement, which still requires the court's approval, would be one of the largest against investment banking firms sued over misrepresenting the value of nonprime MBS sold during the housing boom.

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