Tiffany & Co has ended its more than 8 year lawsuit accusing Costco of counterfeiting and trademark infringement for selling generic diamond engagement rings bearing the name “Tiffany”.
Lawyers for the companies filed a stipulation on Monday dismissing the case in Manhattan U.S. District Court.
The rejection came after a federal appeals court overturned in August a $ 21 million judgment that Tiffany, acquired in January by French luxury goods company LVMH, won in 2017 as a result of a jury trial.
A trial judge had found Costco responsible for the sale of the disputed rings, despite his claim that “Tiffany” had become an umbrella term and described the setting of the rings. This left it up to the jury to decide only how much Tiffany should get back.
But the appeals court said Costco acted in good faith and Costco customers were smart enough to realize that Tiffany had not made or endorsed the warehouse chain’s “Tiffany” rings.
Tiffany sued Costco on Valentine’s Day in 2013, to protect the brand and cachet of the now 184-year-old company. He ended the case after replacing his law firm this month.
Neither the company nor its lawyers immediately responded to requests for comment.
An estimated 3,349 customers purchased Tiffany crimp rings from Costco during the trial period, according to court documents.