1 unchanged sentence
From time to time, USL may be involved in legal proceedings arising primarily out of the ordinary course of business.
−Removed: USL is not currently party to any material legal proceedings.
In addition, USCF, as the general partner of USL and the Related Public Funds may, from time to time, be involved in litigation arising out of its operations in the ordinary course of business.
−Removed: Except as described below, USCF is not currently party to any material legal proceedings.
−Removed: SEC and CFTC Wells Notices
+Added: Except as described below, USL and USCF are not currently party to any material legal proceedings.
+Added: Settlement of SEC and CFTC Investigations
+Added: On November 8, 2021, USCF and USO announced a resolution with each of the SEC and the CFTC relating to matters set forth in certain Wells Notices issued by the staffs of each of the SEC and CFTC as more fully described below.
On August 17, 2020, USCF, USO, and John Love received a “Wells Notice” from the staff of the SEC (the “SEC Wells Notice”).
−Removed: The SEC Wells Notice relates to USO's disclosures in late April and early May regarding constraints imposed on USO's ability to invest in Oil Futures Contracts.
−Removed: The SEC Wells Notice states that the SEC staff has made a preliminary determination to recommend that the SEC file an enforcement action against USCF, USO, and Mr.
−Removed: Love alleging violations of Sections 17(a)(1) and 17(a)(3) of the 1933 Act and Section 10(b) of the 1934 Act and Rule 10b-5 thereunder, in each case with respect to its disclosures and USO’s actions.
−Removed: On August 19, 2020, USCF, USO, and Mr.
+Added: The SEC Wells Notice stated that the SEC staff made a preliminary determination to recommend that the SEC file an enforcement action against USCF, USO, and Mr.
+Added: Love alleging violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933, as amended (the “1933 Act”), and Section 10(b) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), and Rule 10b-5 thereunder.
+Added: Subsequently, on August 19, 2020, USCF, USO, and Mr.
Love received a Wells Notice from the staff of the CFTC (the “CFTC Wells Notice”).
−Removed: The CFTC Wells Notice states that the CFTC staff has made a preliminary determination to recommend that the CFTC file an enforcement action against USCF, USO, and Mr.
−Removed: Love alleging violations of Sections 4o(1)(A) and (B) and 6(c)(1) of the CEA, 7 U.S.C.
−Removed: §§ 6o(1)(A), (B), 9(1) (2018), and CFTC Regulations 4.26, 4.41, and 180.1(a), 17 C.F.R.
−Removed: §§ 4.26, 4.41, 180.1(a) (2019), in each case with respect to its disclosures and USO’s actions.
−Removed: A Wells Notice is neither a formal charge of wrongdoing nor a final determination that the recipient has violated any law.
−Removed: USCF, USO, and Mr.
−Removed: Love maintain that USO’s disclosures and their actions were appropriate.
−Removed: They intend to vigorously contest the allegations made by the SEC staff in the SEC Wells Notice and the CFTC staff in the CFTC Wells Notice.
+Added: The CFTC Wells Notice stated that the CFTC staff made a preliminary determination to recommend that the CFTC file an enforcement action against USCF, USO, and Mr.
+Added: Love alleging violations of Sections 4o(1)(A) and (B) and 6(c)(1) of the Commodity Exchange Act of 1936, as amended (the “CEA”), 7 U.S.C.
+Added: §§ 6o(1)(A) and (B) and 9(1) (2018), and CFTC Regulations 4.26, 4.41, and 180.1(a), 17 C.F.R.
+Added: §§ 4.26, 4.41, 180.1(a) (2019).
+Added: On November 8, 2021, acting pursuant to an offer of settlement submitted by USCF and USO, the SEC issued an order instituting cease-and-desist proceedings, making findings, and imposing a cease-and-desist order pursuant to Section 8A of the 1933 Act, directing USCF and USO to cease and desist from committing or causing any violations of Section 17(a)(3) of the 1933 Act, 15 U.S.C.
+Added: § 77q(a)(3) (the “SEC Order”).
+Added: In the SEC Order, the SEC made findings that, from April 24, 2020 to May 21, 2020, USCF and USO violated Section 17(a)(3) of 1933 Act, which provides that it is “unlawful for any person in the offer or sale of any securities to engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon the purchaser.” USCF and USO consented to entry of the SEC Order without admitting or denying the findings contained therein, except as to jurisdiction.
+Added: Separately, on November 8, 2021, acting pursuant to an offer of settlement submitted by USCF, the CFTC issued an order instituting cease-and-desist proceedings, making findings, and imposing a cease-and-desist order pursuant to Section 6(c) and (d) of the CEA, directing USCF to cease and desist from committing or causing any violations of Section 4o(1)(B) of the CEA, 7 U.S.C.
+Added: § 6o(1) (B), and CFTC Regulation 4.41(a)(2), 17 C.F.R.
+Added: § 4.41(a)(2) (the “CFTC Order”).
+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 “operates as a fraud or deceit upon any client or participant or prospective client or participant,” respectively.
+Added: USCF consented to entry of the CFTC Order without admitting or denying the findings contained therein, except as to jurisdiction.
+Added: Pursuant to the SEC Order and the CFTC Order, in addition to the command to cease and desist from committing or causing any violations of Section 17(a)(3) of the 1933 Act, Section 4o(1)(B) of the CEA, and CFTC Regulation 4.14(a)(2), civil monetary penalties totaling two million five hundred thousand dollars ($2,500,000) in the aggregate were required to be paid to the SEC and CFTC, of which one million two hundred fifty thousand dollars ($1,250,000) was paid by USCF to each of the SEC and the CFTC, respectively, pursuant to the offsets permitted under the orders.
United States Oil Fund, LP Securities Litigation
24 unchanged sentences
USCF, USO, and the individual defendants in In re:
−Removed: United States Oil Fund, LP Securities Litigation intend to vigorously contest such claims and move for their dismissal.
+Added: United States Oil Fund, LP Securities Litigation intend to vigorously contest such claims and have moved for their dismissal.
Wang Class Action
2 unchanged sentences
Crumbaugh, Nicholas D.
−Removed: Gerber, Andrew F.
−Removed: Ngim, Robert L.
+Added: Gerber, Andrew F Ngim, Robert L.
Nguyen, Peter M.
39 unchanged sentences
The plaintiffs in the Cantrell and AML Actions have marked their actions as related to the Lucas Class Action.
−Removed: On September 9, 2020, the Court entered an order consolidating the Cantrell and AML Actions under the caption In re United States Oil Fund, LP Derivative Litigation, Civil Action No.
−Removed: 1:20-cv-06974 and appointing co-lead counsel.
+Added: The Court consolidated the Cantrell and AML Actions under the caption In re United States Oil Fund, LP Derivative Litigation , Civil Action No.
+Added: 1:20-cv-06974 and appointed co-lead counsel.
All proceedings in In re United States Oil Fund, LP Derivative Litigation are stayed pending disposition of the motion(s) to dismiss in In re:
4 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.