Lawsuit sinks over claims to sunken treasure off Colombia

09 Apr 2013 7:52 AM | Anonymous

Lawsuit sinks over claims to sunken treasure off Colombia
Matthew Huisman

The National Law Journal

04-08-2013

 

More than 300 years ago, British warships clashed with Spanish vessels off the coast of present-day Colombia, sending to the bottom of the sea a galleon that's now believed to hold billions of dollars in treasure.

Sea Search Armada, an ocean salvage company based in Bellevue, Wash., has long been locked in a fight with the Republic of Colombia over claims to the sunken treasure, which remains unrecovered at a depth of about 1,000 feet. The legal effort hit another snag on Monday, when the U.S. Court of Appeals for the D.C. Circuit upheld a trial judge's ruling dismissing the company's suit.

Sea Search claimed it owns a stake in gold and silver coins and bullion valued at as much as $17 billion. Lawyers for Colombia, represented by a team from Arnold & Porter, contended that a three-year statute of limitations for breach of contract and conversion claims has long expired. The appeals court agreed.

http://www.law.com/jsp/nlj/PubArticlePrinterFriendlyNLJ.jsp?id=1202595267978

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