Sat, 25 Sep 2021

NEW YORK CITY, New York: After eight years, Tiffany & Co settled its lawsuit against Costco Wholesale Corp, which was accused of infringement and counterfeiting for selling generic diamond engagement rings under the "Tiffany" name.

Although the terms of the settlement were not disclosed, both parties said the dispute was resolved "amicably".

Monday's settlement came after the Manhattan federal appeals court threw out a $21 million judgment in August that Tiffany won in 2017 following a jury trial.

Despite its claim that "Tiffany" had become a generic term and described the rings' pronged setting, a trial judge had found Costco liable for selling the disputed rings.

But the appeals court said Costco acted in good faith, and that Costco customers were smart enough to realize Tiffany did not make or endorse the warehouse chain's "Tiffany" rings.

Some 3,349 customers bought Tiffany-set rings at Costco during the period covered by the lawsuit, court papers showed.

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.

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