Tiffany & Co. and Costco Wholesale Corp. ultimately reached a settlement agreement over the jewelry store’s eight-year lawsuit accusing Costco of counterfeiting and trademark infringement for selling a “Tiffany” ring setting.
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Lawyers for both companies requested that the case be dismissed in Manhattan U.S. District Court on Monday, and Costco attorney David Bernstein said in an email that the parties had “settled their dispute amicably. “.
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The case was argued in court for years after it was first filed on Valentine’s Day 2013. Tiffany, a 184-year-old company, was bought by luxury goods company Moet Hennessy Louis Vuitton SE (LVMH SE) in January. Tiffany changed law firms on the matter a month ago, according to Reuters.
Following a judge ruling that Costco was at fault for using the term “Tiffany” to describe a multi-pronged setting, a jury awarded the jewelry company $ 21 million in 2017. But that decision was overturned in August by a three-judge unanimous panel at the 2nd US Court of Appeals that dismissed the claim, agreeing with Costco that “Tiffany” had become an umbrella term.
COURT SETS DOWN TIFFANY’S JUDGMENT AGAINST COSTCO FOR FALSE “TIFFANY” RINGS
According to court documents, approximately 3,349 customers purchased the “Tiffany Setting” rings, and Costco says it cleaned their store’s signage from the “Tiffany” label within a week of the jewelry company’s notification.