NEW YORK — A federal judge said this morning he would reluctantly approve an amended $150 million settlement between the Securities and Exchange Commission and Bank of America to end civil charges accusing the bank of misleading shareholders when it acquired Merrill Lynch.

But U.S. District Court Judge Jed S. Rakoff called the revised pact "half-baked justice at best."

The dispute had been scheduled for trial next week.

The judge last year rejected a $33 million settlement stemming from the early 2009 acquisition, calling it a breach of "justice and morality."

Rakoff said today in his written order approving the revised settlement it was "considerably improved" but "far from ideal."

He said the new deal's greatest defect "is that it advocates very modest punitive, compensatory and remedial measures that are neither directed at the specific individuals responsible for the nondisclosures nor appear likely to have more than a very modest impact on corporate practices or victim compensation."

He said his approval depends on both sides formally ratifying the amended agreement by Thursday.