Costco Owes Tiffany’s $19 Million for Counterfeit Rings
JUDGE RULES COSTCO OWES TIFFANY MORE THAN $19 MILLION FOR SELLING COUNTERFEIT RINGS
(CNN) – Costco’s going to pay for selling “Tiffany” engagement rings that weren’t made by Tiffany.
A federal judge ruled on Monday, Tiffany is entitled to $19.3 million.
That includes triple the loss in profits Tiffany incurred from Costco’s actions, plus interest and more than eight million in punitive damages.
Tiffany said in a statement the decision “sends a clear and powerful message to Costco and others who infringe the Tiffany mark.”
Costco had argued it was using “Tiffany” as a generic term to describe a ring’s setting.
It argued the items were not stamped or marked with the Tiffany name and were not sold in Tiffany’s distinct blue boxes or bags.
Costco said it intends to appeal the ruling.