A federal appeals court on Monday overturned Tiffany & Co's $21 million judgment against Costco Wholesale Corp over the warehouse club chain's sale of generic diamond engagement rings bearing the 'Tiffany' name.
NEW YORK - A federal appeals court on Monday overturned Tiffany & Co’s $21 million judgment against Costco Wholesale Corp over the warehouse club chain’s sale of generic diamond engagement rings bearing the “Tiffany” name.
The 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge erred in finding Costco liable for selling the rings, which Costco said had a pronged setting known as a “Tiffany” setting, leaving jurors to decide only how much Tiffany should recover. She also said jurors could find that Costco acted in good faith, and that “discriminating” Costco customers would be smart enough to know that Tiffany “had nothing to do with Costco’s diamond engagement rings.”
Swain had in 2015 ruled for Tiffany on liability issues, including that Costco’s conduct was willful. The award had included $8.25 million in punitive damages, $11.1 million representing triple Tiffany’s lost profit, and interest.
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