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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.