indianz.com your internet resource indianz.com on facebook indianz.com on twitter indianz.com on Google+
ph: 202 630 8439
Kill The Tobacco Master Settlement Agreement
Advertise on Indianz.Com
Home > News > Headlines
Print   Subscribe
Obama announces final approval for Cobell settlement payout
Monday, November 26, 2012
Filed Under: Cobell
More on: barack obama, doi, ken salazar
 
President Barack Obama today announced final approval of the $3.4 billion Cobell trust fund settlement.

The settlement became final on November 24, following an appeal process that went before the U.S. Supreme Court. Payments from the $1.5 billion portion of the settlement can now go out to hundreds of thousands of Indian beneficiaries.

"I welcome the final approval of the Cobell settlement agreement, clearing the way for reconciliation between the trust beneficiaries and the federal government," President Obama said in a statement. "While Elouise Cobell, the named plaintiff in this case is no longer with us, her legacy will be a renewed commitment to our trust relationship with Indian Country."

"I thank her for her honorable work, and also want to thank the leaders at the Departments of the Interior, Justice and Treasury who helped reach this conclusion," Obama added.

In a press release, the Interior Department said the $1.5 billion will be transferred to JP Morgan Chase, a bank that was approved by the court through the settlement process. Payments to individual beneficiaries will be handled by GCG Inc., the designated claims administrator.

“With the settlement now final, we can put years of discord behind us and start a new chapter in our nation-to-nation relationship,” said Secretary Ken Salazar. “Today marks another historic step forward in President Obama’s agenda of reconciliation and empowerment for Indian Country and begins a new era of trust administration.”

The $1.5 billion will be distributed to account holders based on two classes. Most beneficiaries will get $1,000 to settle historical accounting claims plus another $800 to address trust administration claims.

Some beneficiaries will receive additional funds for administration claims. The amount is based on the level of activity in a person's trust fund account.

The $1,000 historical accounting payment will be going out first so beneficiaries can expect money in time for the holiday season. “We will continue to work with GCG to ensure it has the information it needs to make expeditious and accurate payments,” said deputy Interior secretary David Hayes.

The trust administration payments will come at a later stage.

Get the Story:
Salazar Announces Final Steps on Cobell Litigation and Implementation of Settlement (DOI 11/16)

Related Stories:
About 30K in Arizona expected to benefit from Cobell payouts (11/14)
Geoffrey Rempel: The truth behind the withdrawn Cobell appeal (11/12)
Ask Elouise: Appeals of $3.4B Cobell trust settlement dismissed (11/8)
Cobell settlement cleared after Supreme Court dismisses appeal (11/8)
Mary Aurelia Johns explains reasons for dropping Cobell appeal (11/08)
Supreme Court refuses to take Kimberly Craven's Cobell appeal (10/29)
Secretary Salazar anticipates Cobell payments by end of year (10/23)
Beneficiaries want Supreme Court to review Cobell settlement (09/24)
Obama nominates Vince Logan, Osage, as new Special Trustee (09/24)
S.E. Ruckman: Indian Country wants to see Cobell payouts (09/18)
ICT refused to run Keith Harper's response on Cobell stories (09/18)
Keith Harper: Just a few truths about Obama, Cobell and me (9/12)
Ask Elouise: Lead counsel Dennis Gingold on status of payout (09/11)
Native Sun News: Cobell settlement on hold with more appeals (08/31)
Reply for Kimberly Craven's Cobell appeal due September 21 (08/24)
Kimberly Craven appeal delays $3.4B Cobell settlement again (08/23)
Cobell critic asks Supreme Court to review $3.4B settlement (08/20)


Copyright © Indianz.Com
More headlines...
Stay Connected:

Local Links:
Federal Register | Indian Gaming | Jobs & Notices | In The Hoop | Message Board
Latest News:
Native Sun News: Leaders of Northern Cheyenne Tribe slammed (5/4)
Camaray Devalos: Colonial mindset continues to destroy tribes (5/4)
Amalia Rubin: Adam Sandler portrays Native people as 'savages' (5/4)
Opinion: Join 'Long March to Rome' to support indigenous rights (5/4)
Court rebuffs Cherokee Nation in Indian Child Welfare Act case (5/4)
Disputed leader of Chukchansi Tribe pleads guilty in casino case (5/4)
Native Sun News: Cheyenne River Sioux man debuts tattoo shop (5/1)
Mark Trahant: Budget plan means deep cuts for Indian programs (5/1)
Terese Mailhot: Still proud to serve as that 'angry Indian' woman (5/1)
Cara Cowan Watts: Make your voice heard within Cherokee Nation (5/1)
Oglala Sioux Tribe struggles with increase in suicide among youth (5/1)
Lower Brule Sioux Tribe cites treaty in bid to oust Keystone XL firm (5/1)
Change to Oglala Lakota County becomes official in South Dakota (5/1)
Makah Nation mounts strong defense of whaling at public hearing (5/1)
Northwest Indian College in Washington attracts NASA's attention (5/1)
Officers for Cheyenne River Sioux Tribe start using body cameras (5/1)
Eastern Cherokee elder Jerry Wolfe proud of Beloved Man status (5/1)
Death of five-year-old member of Hoh Tribe under investigation (5/1)
Tribes seek consultation on status of Yellowstone grizzly bears (5/1)
Leaders of Fort Peck Tribes vote to banish school superintendent (5/1)
Editorial: Russell Begaye faces hurdles as Navajo Nation's leader (5/1)
Ute Mountain Ute Tribe aims to draw in tourists with new business (5/1)
Seminole Tribe secures listing for historic oak tree on reservation (5/1)
Historians join movement to eliminate NFL team's racist mascot (5/1)
Column: Tribes fought English settlers in bloody King Philip's War (5/1)
Lawmaker slammed for comment about Pokagon Band casino bid (5/1)
Disputed leader of Chukchansi Tribe set for plea in casino dispute (5/1)
Arizona tribes send another $25.2M in gaming revenues to state (5/1)
Draft bill calls for a Class III gaming compact with Poarch Creeks (5/1)
Acoma Pueblo awaits BIA approval for Class III gaming compact (5/1)
Coeur d'Alene Tribe seeks enforcement of ban on gaming devices (5/1)
Opinion: Bid for more Connecticut casinos comes down to money (5/1)
Native Sun News: Juvenile center offers services to Native youth (4/30)
Lakota Country Times: Rosebud walk raises awareness of autism (4/30)
Clara Caufield: Off-reservation Cheyenne need a voice with tribe (4/30)
Vince Two Eagles: The top 10 influential people in Indian Country (4/30)
Allison Renville: Inviting President Obama to Sisseton-Wahpeton (4/30)
John Barrasso: More work needed to address reservation roads (4/30)
Jay Daniels: There's a whole lotta shaking going on in Oklahoma (4/30)
Brian Young: This Navajo filmmaker won't be walking off Netflix (4/30)
UNITY hosts Empower Your Lakota Story event in South Dakota (4/30)
Interview with attorney about marijuana for tribes in Oklahoma (4/30)
Silent 1920s film with all Indian cast set for commercial release (4/30)
Pechanga Band to reclaim collection of ancestors and artifacts (4/30)
Tribal members support new name for sacred Black Hills peak (4/30)
Republican lawmakers kill Indian mascot measure in Colorado (4/30)
Navajo Nation's zoo helps provide eagle feathers to members (4/30)
Crow Tribe to use $1.2M grant to establish veterans cemetery (4/30)
North Dakota tribe reconsiders agreement after oil tax change (4/30)
Judge issues lengthy sentence for Montana reservation death (4/30)
Opinion: Connecticut takes wrong approach with tribal lenders (4/30)
Tohono O'odham Nation slams action on bill that blocks casino (4/30)
NLRB won't take stance on tribal labor bill that affects casinos (4/30)
Chumash Tribe offers condolences after worker dies at casino (4/30)
more headlines...


Home | Arts & Entertainment | Business | Canada | Cobell Lawsuit | Education | Environment | Federal Recognition | Federal Register | Forum | Health | Humor | Indian Gaming | Indian Trust | Jack Abramoff Scandal | Jobs & Notices | Law | National | News | Opinion | Politics | Sports | Technology | World

Indianz.Com Terms of Service | Indianz.Com Privacy Policy
About Indianz.Com | Advertise on Indianz.Com

Indianz.Com is a product of Noble Savage Media, LLC and Ho-Chunk, Inc.