The U.S. Court of Appeals Monday ruled in favor of the Colombian government, in a dispute with a U.S. salvage company over possibly the most valuable shipwreck ever discovered.
The U.S. Court of Appeals upheld the 2011 decision by the U.S. Federal Court which dismissed a lawsuit brough by salvage company Sea Search Armada (SSA), which demanded Colombia pay $17 billion compensation for the loss of the rights to the San Jose shipwreck, and the alleged twealth it contains.
The court ruled against SSA primarily because the three-year statute of limitations on unlawful events had passed.
SSA reportedly has 30 days to request the court reconsider the decision, or make an appeal to the U.S. Supreme Court.
The San Jose, which sunk in flames after being chased down by a British fleet in 1708, is estimated to have been carrying over two tons of platinum, along with a bounty of gold and emeralds collected in the South American colonies. The loot was on its way to King Philip V in Spain, to help finance his war against the British.