1 unchanged sentence
From time to time, USL may be involved in legal proceedings arising primarily out of the ordinary course of business.
−Removed: 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.
+Added: In addition, USCF, as the general partner of USL and the other Related Public Funds may, from time to time, be involved in litigation arising out of its operations in the ordinary course of business.
Except as described below, USL and USCF are 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
2 unchanged sentences
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.
−Removed: 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: 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 1934 Act, and Rule 10b-5 thereunder.
Subsequently, on August 19, 2020, USCF, USO, and Mr.
94 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.