2 unchanged sentences
In addition, USCF, as the general partner of USO 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 herein, neither USO nor USCF is not currently party to any material legal proceedings.
+Added: Except as described herein, neither USO nor USCF is currently party to any material legal proceedings.
Optimum Strategies Action
14 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 1934 Act, 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.
8 unchanged sentences
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.
−Removed: and CFTC Regulation 4.41(a)(2), 17 C.F.R.
+Added: § 6o(1) (B), and CFTC Regulation 4.41(a)(2), 17 C.F.R.
§ 4.41(a)(2) (the “CFTC Order”).
26 unchanged sentences
Morgan Securities Inc., Merrill Lynch Professional Clearing Corporation, Morgan Stanley & Company Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC.
−Removed: The lead plaintiff filed a notice of voluntary dismissal of its claims against BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Morgan Stanley & Company, Inc., Nomura Securities International, Inc., RBC Capital Markets, LLC, SG Americas Securities LLC, and UBS Securities LLC.
−Removed: The remaining defendants in In re:
−Removed: United States Oil Fund, LP Securities Litigation filed a motion to dismiss the claims in January 2021.
−Removed: On September 29, 2025, the Court granted the defendants’ motion to dismiss the class action complaint in its entirety without prejudice and granting plaintiff leave to move to amend the complaint by November 26, 2025.
−Removed: USCF, USO, and the individual defendants intend to continue vigorously contesting any such claims.
−Removed: Wang Class Action
−Removed: On July 10, 2020, purported shareholder Momo Wang filed a putative class action complaint, individually and on behalf of others similarly situated, against defendants USO, USCF, John P.
−Removed: Love, Stuart P.
−Removed: Crumbaugh, Nicholas D.
−Removed: Gerber, Andrew F Ngim, Robert L.
−Removed: Nguyen, Peter M.
−Removed: Robinson, Gordon L.
−Removed: Ellis, Malcolm R.
−Removed: Fobes, III, ABN Amro, BNP Paribas Securities Corp., Citadel Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs & Company, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Company Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC, in the U.S.
−Removed: District Court for the Northern District of California as Civil Action No.
−Removed: 3:20-cv-4596 (the “Wang Class Action”).
−Removed: The Wang Class Action asserted federal securities claims under the 1933 Act, challenging disclosures in a March 19, 2020 registration statement.
−Removed: It alleged that the defendants failed to disclose to investors in USO 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.
−Removed: The Wang Class Action was voluntarily dismissed on August 4, 2020.
+Added: The lead plaintiff has filed a notice of voluntary dismissal of its claims against BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Morgan Stanley & Company, Inc., Nomura Securities International, Inc., RBC Capital Markets, LLC, SG Americas Securities LLC, and UBS Securities LLC.
+Added: On September 29, 2025, the Court granted the defendants’ motion to dismiss the complaint without prejudice and granted plaintiff leave to file a motion to amend its complaint.
+Added: On November 26, 2025, the plaintiff filed a motion for leave to file a proposed second consolidated amended complaint, which defendants have opposed.
+Added: The motion remains pending before the Court.
+Added: USCF, USO, and the individual defendants in In re:
+Added: United States Oil Fund, LP Securities Litigation intend to vigorously contest such claims and have moved for their dismissal.
On August 10, 2020, purported shareholder Darshan Mehan filed a derivative action on behalf of nominal defendant USO, against defendants USCF, John P.
3 unchanged sentences
Nguyen, Peter M.
−Removed: Robinson, Gordon L.
Ellis, and Malcolm R.
3 unchanged sentences
The complaint seeks, on behalf of USO, compensatory damages, restitution, equitable relief, attorney’s fees, and costs.
−Removed: All proceedings in the Mehan Action are stayed pending final disposition of the motion(s) to dismiss in In re:
+Added: All proceedings in the Mehan Action are stayed pending disposition of the motion(s) to dismiss in In re:
United States Oil Fund, LP Securities Litigation .
23 unchanged sentences
USCF, USO, and the other defendants intend to vigorously contest the claims in In re United States Oil Fund, LP Derivative Litigation .
+Added: Risk Factors.
+Added: There have been no material changes to the risk factors previously disclosed in USO’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed on February 27, 2026 (the “Form 10-K”).
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.