Luxury jewelry and specialty retailer Tiffany & Co. has settled its long pending lawsuit against Costco Wholesale Corp. for trademark infringement and for selling counterfeit diamond rings with "Tiffany" name.
Both companies' lawyers filed a stipulation, dismissing the case with the U.S. District Court in Manhattan after eight years. The lawyers reportedly said the companies amicably resolved their dispute. The terms of the settlement were not disclosed.
Tiffany, which was acquired in January this year by French luxury goods company LVMH SE, sued Costco on Valentine's Day in 2013.
The luxury retailer alleged that Costco conned its customers into buying hundreds of "Tiffany" diamond rings. Meanwhile, Costco claimed that "Tiffany" had become a generic term and described the rings' pronged setting.
During the period covered by the lawsuit, an estimated 3,349 customers bought Tiffany-set rings at Costco.
In 2017, Tiffany won the case following a jury trial, which found Costco liable for selling the disputed rings. However, a federal appeals court in August last year overturned Tiffany's $21 million judgment against Costco.
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