Paris-based arbitration firm Gaillard Banifatemi Shelbaya (GBS) Disputes, founded by Shearman & Sterling’s global arbitration heads in 2021, is representing Colombia in the second phase of a treaty dispute over a sunken treasure worth an estimated $20 billion.

Proceedings are set to begin on November 25, 2025, and last up to eight days. While the case’s second phase was originally planned to take place at the International Centre for the Settlement of Investment Disputes (ICSID) in Washington, D.C., the facilities were unavailable. As a result, the hearings will now be at the Permanent Court of Arbitration in The Hague, although the official seat of arbitration remains in London.