Final answer:
The statute of limitations for arbitration claims varies, typically ranging from 1 to 10 years from the event. The Indian Claims Commission, created in the 1940s to address numerous lawsuits, extended its tenure to effectively resolve the cases, like those of the Klamath tribe, consolidating them for efficient adjudication.
Step-by-step explanation:
The statute of limitations for filing a claim for a settlement by arbitration may vary depending on several factors including the jurisdiction, the specific type of claim, and the rules of the arbitration forum. However, generally speaking, the statute of limitations can range from 1 to 10 years from the event that gave rise to the claim. In some cases, for instance during the 1940s, the federal government responded to an overwhelming number of lawsuits by establishing the Indian Claims Commission, which had a specific mandate to process these lawsuits efficiently and justly. An example of the statutes' application is seen in the case of the Klamath tribe who filed claims for the mismanagement of funds generated from logging operations. These cases were consolidated and adjudicated during the 1950s, with payments from the lawsuits going into the 1960s. It is important to note that the Indian Claims Commission was initially set up to last for 10 years but had its term extended to address the sheer volume of cases, operating until 1978 and finalizing 546 dockets.