indianz.com your internet resource indianz.com on facebook indianz.com on twitter indianz.com on Google+
ph: 202 630 8439
Native American Bank - Native people investing in Native communities
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: Pine Ridge's David Michaud wins fighting match (12/19)
Mark Trahant: Old school budgets a better deal for Indian Country (12/19)
Ruth Hopkins: Boycott a repeat offender of cultural appropriation (12/19)
8th Circuit sides with Omaha Tribe in reservation boundary case (12/19)
BIA finalizes rule to add Alaska tribes to land-into-trust process (12/19)
Obama signs measure to extend VAWA tribal provision to Alaska (12/19)
Wyandotte Nation set to break ground on $1.4M cultural center (12/19)
Man from Standing Rock Sioux Tribe charged for cousin's murder (12/19)
Opponents of Cowlitz Tribe plan appeal of gaming land decision (12/19)
Menominee Nation off-reservation casino supporters hold rally (12/19)
Bear River Band hires tribal member as casino general manager (12/19)
Column: Poarch Creek gaming is only thing working in Alabama (12/19)
Column: Wait for decision on Mashpee Wampanoag Tribe casino (12/19)
Native Sun News: Oglala Sioux Tribe inaugurates new leadership (12/18)
Walt Lamar: Cooperation helps address crime in Indian Country (12/18)
Brandon Ecoffey: Tournament shows hope of the Lakota people (12/18)
Editorial: Showing caution for marijuana sales in Indian Country (12/18)
Editorial: New York governor makes right call to outlaw fracking (12/18)
Fines for foes of Tohono O'odham Nation off-reservation casino (12/18)
New York passes over tribes for first commercial casino licenses (12/18)
Factions of Cayuga Nation in court over Class II gaming facility (12/18)
Deadline extended for commercial casino eyed by Quapaw Tribe (12/18)
Opinion: Another casino isn't answer to Connecticut's problems (12/18)
Native Sun News: Youth take on lead role in Dakota memorial ride (12/17)
Mark Trahant: NCAI launches new campaign against racist mascot (12/17)
Norm DeWeaver: Job market is a disaster zone in Indian Country (12/17)
Amanda Blackhorse: Fake chiefs and fake headdresses must go (12/17)
DOI makes $9M in buy-back offers on Coeur d'Alene Reservation (12/17)
Shoshone-Bannock Tribes see success with two bills in Congress (12/17)
Boyd Cothran: Torture justified by treatment of Indian prisoners (12/17)
Rep. Gosar faces criticism over bill that benefits Hualapai Tribe (12/17)
Navajo Nation's highest court dismisses challenge to candidate (12/17)
Column: Tribal voices often minimized in environmental debate (12/17)
Column: Chief Cliff still an undeniably spiritual place in Montana (12/17)
Native activists in Brazil protest land bill with bows and arrows (12/17)
Shakopee Tribe funds Eastern Shoshone Tribe casino expansion (12/17)
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.