Timesupply
advertisement
Timesupply
advertisement
Timesupply
advertisement
Goto your account
Search Stories by: 
and/or
 

News













Following an eight-year legal battle that reached the US Court of Appeals for the Second Circuit, Tiffany & Co has reached a confidential settlement with Costco over 'counterfeit' engagement rings.
Following an eight-year legal battle that reached the US Court of Appeals for the Second Circuit, Tiffany & Co has reached a confidential settlement with Costco over 'counterfeit' engagement rings.

Tiffany & Co. settles nearly decade-long Costco lawsuit

Months after a $US21 million ($AU29 million) verdict against Costco was overturned, Tiffany & Co. has settled its eight-year lawsuit with the discount retail chain.

The terms of the settlement have not been disclosed, however Reuters quotes David Bernstein, a legal representative for Costco, as saying the two companies “amicably resolved their dispute”.

Notably, Reuters also states that Tiffany & Co. – which was acquired by French luxury conglomerate Moët Hennessy Louis Vuitton (LVMH) in January – recently attained new legal representation.

"The terms of the settlement have not been disclosed, however Reuters quotes David Bernstein, a legal representative for Costco, as saying the two companies 'amicably resolved their dispute'"

Media reports of a potential out-of-court settlement had been circulating since March, when Tiffany & Co. last filed a joint-status report in which it requested a jury trial.

The international jewellery company first filed suit in early 2013 over a collection of six-prong diamond engagement rings sold by Costco with the descriptor “Tiffany” on the tags and in-store signage.

An estimated 3,349 customers purchased the Costco rings, netting Costco $US3.7 million in profits. A 1-carat platinum solitaire ring with VS clarity was listed at $US6,399.99 – a similar ring on the Tiffany & Co. website retails for $US14,000.

Tiffany & Co. argued that the rings constituted trademark infringement and counterfeiting, as it was possible customers were misled to believe that the rings were manufactured by Tiffany & Co.

It also contended that Costco had instructed its jewellery suppliers to copy Tiffany & Co. engagement ring designs.

Meanwhile, Costco claimed that the descriptor “Tiffany” referred to the six-prong setting of the rings and that “Tiffany setting” could be considered a generic term in the jewellery industry – a claim that was upheld by the US Court of Appeals for the Second Circuit, which overturned a lower court’s judgment in Tiffany’s favour in August 2020.

Following the settlement, Tiffany filed for a dismissal with prejudice, meaning it cannot bring the lawsuit again.

 

More reading:
Tiffany & Co. and Costco ‘counterfeit’ court case rolls on
US court overturns judgment in $29 million Tiffany & Co. counterfeit case
Tiffany & Co’s lengthy Costco dispute reaches finish line
Tiffany & Co receives millions in Costco dispute
Tiffany and Costco battle continues
Tiffany & Co sues supermarket chain











Athan Jewellery Importers & Wholesalers
advertisement





Read current issue

login to my account
Username: Password:
Timesupply
advertisement
SAMS Group Australia
advertisement
SAMS Group Australia
advertisement
© 2021 Befindan Media