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.
