10/25/2011 06:08 pm ET Updated Dec 25, 2011

U.S. Court Rules In Favor Of Colombia In Shipwrecks Case

A U.S. court ruled in favor of Colombia in a decades-long legal dispute over the ownership of pieces of a sunken galleon found in Colombian territorial waters 300 years ago.

The U.S. District Court for the District of Columbia ruled the Andean country does not have to pay $17 billion to Sea Search Armada, a U.S.-based salvage company. The company claimed the South American country breached a contract granting it the right to salvage Galleon San José, a British Navy ship that sank June 8, 1708, off the coast of Colombia.