Colombia Hit With $17B Suit Over Sunken Treasure

Law360, New York (December 10, 2010, 1:37 PM EST) -- Ocean salvage company Sea Search Armada wants $17 billion from the Colombian government for allegedly breaching a contract and thwarting the company's attempt to recover precious metal from a 1708 shipwreck off the nation's coast.

In the 41-page complaint, filed Tuesday in the U.S. District Court for the District of Columbia, Sea Search chronicles three decades of alleged bad faith actions by the Colombian government, including a lengthy legal battle in Colombian courts.

The ship at issue is the Spanish galleon San Jose, which was sunk...
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