© Reuters. File photo: Tiffany & Co. store was taken on September 10, 2020 in Manhattan, New York City, USA. REUTERS/Carlo Allegri/File Photo
New York (Reuters)- Tiffany & Co (NYSE:) has ended its more than eight-year lawsuit, accusing Costco Wholesale Corporation (NASDAQ:) of selling trademarks for generic diamond engagement rings bearing the name “Tiffany” Infringement and counterfeiting.
On Monday, attorneys for the two companies filed a dismissal of the case with the U.S. District Court in Manhattan.
The Federal Court of Appeals rejected a $21 million judgment in August that was acquired by the French luxury goods company LVMH SE in January. Tiffany won the case in 2017 after a jury trial.
A trial judge determined that Costco was responsible for selling the controversial ring, even though it claimed that “Tiffany” had become a common term and described the bifurcation of the ring. This allows the jurors to decide how much Tiffany should recover.
However, the Court of Appeal stated that Costco’s actions were in good faith and Costco’s customers were smart enough to realize that Tiffany did not manufacture or endorse the “Tiffany” ring of the warehouse chain.
Tiffany sued Costco on Valentine’s Day in 2013 to protect the brand and reputation of the 184-year-old company. It closed the case after changing its law firm this month.
Neither the company nor its lawyers immediately responded to requests for comment.
Court documents show that during the litigation period, an estimated 3,349 customers purchased Tiffany rings at Costco.
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