US: Federal magistrate judge Mark Pizzo has ruled a treasure recovered by Odyssey Marine Exploration from a shipwreck in the Atlantic belongs to Spain. He has recommended that the 500,000 silver and gold coins worth $500 million be handed over.
Pizzo ruled that the treasure was recovered from the wreck of the Nuestra Senora de las Mercedes and is covered by sovereign immunity - the principle that naval vessels belong to their flag nation regardless of age or location.
Odyssey has stated their intention to appeal but their share price has nearly halved. They claim that the evidence proves they found the treasure, not the ship.