From the BLT:
The plaintiffs’ lawyers overseeing the $750 million settlement in a discrimination suit brought by Native American farmers and ranchers proposed using five banks in which to deposit and invest settlement funds until the money is disbursed to class members.
Four banks—Bank of America Corporation, Wells Fargo & Company, Citigroup, Inc. and PNC Financial Services—would each receive about $150 million from the compensation fund payment to invest, the plaintiffs’ lawyers in Keepseagle v. Vilsack said in a court filing (PDF) April 22 in U.S. District Court for the District of Columbia.
In addition, a fifth bank, Bank2 of Oklahoma, would receive about $18 million to hold. The plaintiffs’ team, led by Joseph Sellers of Washington’s Cohen Milstein Sellers & Toll, said Bank2 is owned by the Chickasaw Nation and is the largest mortgage lender to Native Americans. Sellers said the plaintiffs’ team sought out a Native American-owned bank to reinforce the settlement’s connection with the Indian community. The United States Department of Agriculture helped research the identification of a bank.
U.S. District Judge Emmet Sullivan said in an order today that he wants the plaintiffs’ lawyers to discuss the bank selection process at a hearing Tuesday. The lawyers are meeting with Sullivan to go over a dispute about attorneys’ fees and costs. The judge asked the lawyers to come prepared to discuss, among other things, “the credentials” of the selected banks.
One hopes the Chickasaw-owned bank isn’t worrying the judge….
Turtle Talk 