4 unchanged sentences
Except as described herein, USCF is not currently party to any material legal proceedings.
+Added: Optimum Strategies Action
+Added: On April 6, 2022, USO and USCF were named as defendants in an action filed by Optimum Strategies Fund I, LP, a purported investor in call option contracts on USO (the “Optimum Strategies Action”).
+Added: The action is pending in the U.S.
+Added: District Court for the District of Connecticut at Civil Action No.
+Added: 3:22-cv-00511.
+Added: The Optimum Strategies Action asserts claims under the Securities Exchange Act of 1934, as amended (the “1934 Act”), Rule 10b-5 thereunder, and the Connecticut Uniform Securities Act.
+Added: It purports to challenge statements in registration statements that became effective in February 2020, March 2020, and on April 20, 2020, as well as public statements between February 2020 and May 2020, in connection with certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war.
+Added: The complaint seeks damages, interest, costs, attorney’s fees, and equitable relief.
+Added: USCF and USO intend to vigorously contest such claims and have moved for their dismissal.
Settlement of SEC and CFTC Investigations
15 unchanged sentences
§ 4.41(a)(2) (the “CFTC Order”).
−Removed: In the CFTC Order, the CFTC made findings that, from on or about April 22, 2020 to June 12, 2020, USCF violated Section 4o(1)(B) of the CEA and CFTC Regulation 4.41(a)(2), which make it unlawful for any commodity pool operator (“CPO”) to engage in “any transaction, practice, or course of business which operates as a fraud or deceit upon any client or participant or prospective client or participant” and prohibit a CPO from advertising in a manner which “operates as a fraud or deceit upon any client or participant or prospective client or participant,” respectively.
+Added: In the CFTC Order, the CFTC made findings that, from on or about April 22, 2020 to June 12, 2020, USCF violated Section 4o(1)(B) of the CEA and CFTC Regulation 4.41(a)(2), which make it unlawful for any commodity pool operator (“CPO”) to engage in “any transaction, practice, or course of business which operates as a fraud or deceit upon any client or participant or prospective client or participant” and prohibit a CPO from advertising in a manner which
+Added: “operates as a fraud or deceit upon any client or participant or prospective client or participant,” respectively.
USCF consented to entry of the CFTC Order without admitting or denying the findings contained therein, except as to jurisdiction.
81 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.