United States Oil Fund LP shareholders can’t proceed with a proposed class action alleging the oil futures investment firm failed to disclose risks related to the Covid-19 pandemic, a federal court ruled.
The investors failed to adequately allege the exchange-traded fund had a clear understanding or unique knowledge about the global effects of the pandemic in late February 2020, Judge Paul G. Gardephe said Monday for the US District Court for the Southern District of New York. They also didn’t show that the fund’s disclosures about net asset value and other metrics were actionable and misleading, he said.
And the ...