Cobell Lawsuit & Settlement

Lawyers in Cobell case discuss $3.4B settlement in Oklahoma

Attorneys for the Indian trust fund lawsuit were in Oklahoma this week to discuss the $3.4 billion settlement to the case.

Most beneficiaries will receive $1,000 for the Historical Accounting Class of the settlement. These payments will go out as soon as a federal judge approves the deal, according to attorney Keith Harper, a member of the Cherokee Nation.

Additional payments will come as part of the Trust Administration Class. The minimum payment is $800 but many beneficiaries will receive more based on the types of activity that occurred in their Individual Indian Money (IIM) account.

"It's a great victory for us," Leonard Maker, a member of the Osage Nation, said at a meeting in Tulsa on Thursday, The Tulsa World reported.

Judge Thomas Hogan will hold a fairness hearing for the settlement on June 20. It's expected that he will issue a final order a month or so later, triggering a 60-day appeal period before the deal becomes official.

Beneficiaries who wish to opt out of the Trust Administration Class by April 20. Those who do so can file their own damages lawsuits in the U.S. Court of Federal Claims.

Get the Story:
Proposed class-action settlement could pay big for Oklahoma Indians (The Tulsa World 3/17)

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