United States owes Osage Nation big time

The United States owes the Osage Nation at least $250 million because of mismanagement of mineral assets it held in trust for the tribe according to the U.S. Court of Federal Claims.

The Nation brought two suits against the federal government in 1999 and 2000 that dealt with claims that between 1972 to 2000 the U.S. Bureau of Indian Affairs’ Osage Agency failed to collect all royalties owed to the Nation and failed to properly invest the funds collected on production from tribal oil leases.

The ruling “may very well result in the largest judgment by a tribe against the United States in history,” said Jefferson Keel, the president of the National Congress of American Indians.

The court held that the Osage Nation is entitled to compensation for five breaches of the government’s fiduciary duties as trustee: failure to collect royalties based on highest offered prices; failure to collect full royalties during price controls; failure to promptly deposit funds because of unreasonable failure to certify a federal depositary; failure to maintain appropriate cash balances; and failure to obtain investment yields in accordance with the law.

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0 Responses to United States owes Osage Nation big time

  1. Thanks for the post and bringing this important thing to the notice of the readers.This is really alarming.I want to know the reason that led to such a mismanagement and so many failures.Please update me on it.

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