Business & Tech
Costco To Pay Tiffany & Co. $19 M For Infringing On Brand: Report
Costco allegedly sold jewelry branded with the name "Tiffany," which a New York judge ruled was infringing of the iconic jewelers name.
NEW YORK CITY — In a battle of business giants Costco has been ordered to pay Tiffany & Co. millions for peddling "Tiffany" branded engagement rings that the iconic jeweler had nothing to do with, according to multiple reports.
A New York federal judge ruled that Costco will have to pay Tiffany more than $19 million, CNN Money reported. Tiffany first sued Costco in 2013 after discovering that Costo was branding engagement rings with the word "Tiffany."
Costco's defense: We didn't mean that "Tiffany." Instead of ripping of the legendary jewelers name, the wholesaler claimed that "Tiffany" was used to describe a certain type of ring setting, CNN Money reported.
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"This was not a case about counterfeiting in the common understanding of that word -- Costco was not selling imitation Tiffany & Co. rings," Costco told CNN Money in a statement.
Check out a video summary of the lawsuit below:
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