Investors shut out of the record settlement between regulators and 10 Wall Street firms accused of gross misconduct during the fast and furious days of the bull run, can further pursue civil action against the firms, the Securities and Exchange Commission said.

Amid confusion about how the settlement will be distributed, the SEC offered clarification on how the funds settlement will be carved up, who will oversee its distribution and what recourse those left out of the settlement will have.

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