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COST - Costco Wholesale News Story

$452.11 1.0  0.2%

Last Trade - 21/09/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £146.03bn
Enterprise Value £143.80bn
Revenue £136.66bn
Position in Universe 52nd / 7157

UPDATE 1-Tiffany, Costco settle 8-year lawsuit over fake 'Tiffany' rings

Mon 19th July, 2021 7:56pm
(Adds settlement)
    By Jonathan Stempel
    NEW YORK, July 19 (Reuters) - Tiffany & Co has settled its
more than eight-year-old lawsuit accusing Costco Wholesale Corp
 COST.O  of trademark infringement and counterfeiting for
selling generic diamond engagement rings bearing the "Tiffany"
name.
    Monday's settlement, confirmed by a lawyer for Costco, came
after the federal appeals court Manhattan in August threw out a
$21 million judgment that Tiffany, acquired in January by French
luxury goods company LVMH SE  LVMH.PA , won in 2017 following a
jury trial.  urn:newsml:reuters.com:*:nL1N2FJ0P8
    A trial judge had found Costco liable for selling the
disputed rings, despite its claim that "Tiffany" had become a
generic term and described the rings' pronged setting. That left
jurors to decide only how much Tiffany should recover.
    But the appeals court said Costco acted in good faith, and
that Costco customers were smart enough to realize Tiffany
didn't make or endorse the warehouse chain's "Tiffany" rings.
    An estimated 3,349 customers bought Tiffany-set rings at
Costco during the period covered by the lawsuit, court papers
showed.
    David Bernstein, a lawyer for Costco, said in an email that
the companies "amicably resolved their dispute."
    Terms of the settlement were not disclosed. Neither Tiffany
nor its lawyers immediately responded to requests for comment.
    Tiffany had sued Costco on Valentine's Day in 2013, to
protect the now 184-year-old company's brand and cachet.
    It ended the case after replacing its law firm this month.
The dismissal filed with the federal court in Manhattan is with
prejudice, meaning Tiffany cannot bring the lawsuit again.

 (Reporting by Jonathan Stempel in New York; Editing by Cynthia
Osterman)
 ((jon.stempel@thomsonreuters.com; +1 646 223 6317; Reuters
Messaging: jon.stempel.thomsonreuters.com@reuters.net))
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