I had something real similar with this guy here:
It showed up tight but fine, I put a thumb stud on it and some on the pivot and fooled around with it for a day or so and put it away.
The next time I used it the knife would open up about 3/4 of the way and then bind.
Cleaning, oil, nothing would fix it so I sent it back to Buck.
It came back with a packing slip stating "Spa Treatment" and it was fine, I put the thumb stud back on, some oil and it was fine for a day.
The following day it was binding in both directions! It wouldn't even close.
More cleaning, nope. More oil, nope so back it went.
Buck's warranty department called me up and said it's fine, it snaps open and shut just like it's supposed to.
I told them that it would be fine, I'd put it away and the next time it would be binding.
We both agreed that's weird and the young lady said she'd clean the bolsters and oil it.
I have no idea what they did but it came back with some free play in the blade (only in the closed position) and it's just perfect.
I wrote to them and said PERFECT! but I don't know if they read the email but they did a great job.
The black stuff on the spring is some tungsten disulfide I'd mixed with 0 weight synthetic oil, there's less of it on there now.