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 Obama announces final approval for Cobell payout
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wanbligi
Elder

2643 Posts

Posted - 11/26/2012 :  10:46:51 PM  Show Profile  Reply with Quote
Obama announces final approval for Cobell settlement payout

Monday, November 26, 2012

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.

John Luke
Elder

USA
8956 Posts

Posted - 11/27/2012 :  10:11:47 AM  Show Profile  Reply with Quote
With the $1.9 Billion setup for Land Consolidation, the Tribes should buy back all the lands in the Black Hills that is up for sale...that should about handle it!


"Tell them in Washington. If they can find one honest man, send him to me. I will listen."
Sitting Bull-1872
Hunkpapha Lakota

When you see her...tell her it wasn't her fault...he was just a hard man.

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wanbligi
Elder

2643 Posts

Posted - 11/27/2012 :  12:52:42 PM  Show Profile  Reply with Quote
About 350K to share in first round of Cobell settlement payout

Tuesday, November 27, 2012

About 350,000 Indian beneficiaries across the nation are expected to share in the first round of payments from the $3.4 billion Cobell trust fund settlement, attorneys for the late Elouise Cobell said on Monday.

The first round will be a $1,000 payment to settle historical accounting claims. The money is expected to go out before Christmas.

“We all are happy that this settlement can finally be implemented,” lead counsel Dennis Gingold said in a press release yesterday “We deeply regret that Ms. Cobell did not live to see this day.”

An estimated 50,000 Indian beneficiaries in Oklahoma are expected to receive the $1,000 payment. Another 30,000 in Arizona are also slated to benefit.

About 5,400 Alaska Natives are also a part of the settlement. However, their share is likely to come from the portion of the settlement that addresses trust administration, The Fairbanks Daily News-Miner.

The trust administration payment will come to a minimum of $800. But many will receive additional funds based on the level of activity in his or her trust fund account.

In total, $1.5 billion was set aside for the historical accounting and the trust administration classes of the settlement. The trust administration payments will come in a second round at a later date.

Additionally, the Interior Department will spend $1.9 billion to buy fractionated interests from Indian landowners. The land consolidation program is entirely voluntary -- any land purchases will be returned to tribal governments.
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John Luke
Elder

USA
8956 Posts

Posted - 11/28/2012 :  7:34:21 PM  Show Profile  Reply with Quote
I'm gonna win the $550 Million tonight, in a few hours from now, but I guess a few extra $$$ won't hurt huh?


"Tell them in Washington. If they can find one honest man, send him to me. I will listen."
Sitting Bull-1872
Hunkpapha Lakota

When you see her...tell her it wasn't her fault...he was just a hard man.

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John Luke
Elder

USA
8956 Posts

Posted - 11/28/2012 :  8:20:37 PM  Show Profile  Reply with Quote
Read they'll be coming out starting the 10th of December...so just hold the horses...


"Tell them in Washington. If they can find one honest man, send him to me. I will listen."
Sitting Bull-1872
Hunkpapha Lakota

When you see her...tell her it wasn't her fault...he was just a hard man.

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Grammak
Elder

USA
3349 Posts

Posted - 11/28/2012 :  9:04:39 PM  Show Profile  Reply with Quote
I'm not holding my breath just yet that it will make it by Christmas. The majority will be going for car repairs anyway, but it will be nice to have a heater in my vehicle again.

"Why go to the place where the supposed stalking takes place? That's like driving by someone's house everyday and everytime you see them outside you point the finger and say, Yep, see? There they are looking at me again."

"There is nothing that can possibly compare to an Indianz.com naming ceremony" Kii-yaa-tuk


"this is a good place to say what I think of cards. real Indians don't carry them to prove they're Indian. they carry one to remind Uncle Sammy that they are and to remind him of his promises...JMO" Tso-i-de 2008
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wanbligi
Elder

2643 Posts

Posted - 11/29/2012 :  12:32:57 AM  Show Profile  Reply with Quote
Checks for $3.4B Cobell settlement expected in mid-December

Wednesday, November 28, 2012

Checks for beneficiaries of the $3.4 billion Cobell trust fund settlement could start going out during the week of December 10, an attorney for the plaintiffs said.

The $3.4 billion must first be transferred to a court-approved bank. That's expected within the next two weeks, lead counsel Dennis Gingold told Cronkite News.

The checks will be sent to the mailing address on file for beneficiaries. The $1,000 payment will settle historical accounting claims.

About 350,000 will receive a check, according to the Cobell attorneys. An estimated 30,000 are in Arizona.
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John Luke
Elder

USA
8956 Posts

Posted - 11/29/2012 :  06:38:11 AM  Show Profile  Reply with Quote
Damn!Lady Melodie (the tarot card reader) said I wouldn't win unless I agreed to send her $2.00 a month for one year for weekly/monthly readings and live phone chats...oh well!Next time it gets that high maybe Bruce Almighty will smile on the rest of us and let us all win!


"Tell them in Washington. If they can find one honest man, send him to me. I will listen."
Sitting Bull-1872
Hunkpapha Lakota

When you see her...tell her it wasn't her fault...he was just a hard man.

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Bella
Elder

UK
6262 Posts

Posted - 12/05/2012 :  10:12:27 AM  Show Profile  Reply with Quote
Saw a news item re Mescalero tribe, sounds like good news.

Hope people get their payouts by Christmas.



Bella
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Keenhmah
Elder

USA
10294 Posts

Posted - 12/05/2012 :  10:35:05 AM  Show Profile  Reply with Quote
quote:
Originally posted by Bella

Saw a news item re Mescalero tribe, sounds like good news.

Hope people get their payouts by Christmas.



Bella



WTH is it to you?



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ajibik
Elder

10261 Posts

Posted - 12/05/2012 :  5:41:48 PM  Show Profile  Visit ajibik's Homepage  Reply with Quote
Personally, I think they can take the $$$ and stick it up their ask. It's but a pittance for how much was actually stolen.

It's worse than the Oil Middle-Easterners...people getting paid to eat, sleep, shit, and breed.

Anishinaabe Ogitchidaa Aanikoominodewiwin

"No, this is not a good town for psychedelic drugs. Reality itself is too twisted."
~Hunter S. Thompson~

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