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Costco Wholesale Corporation ordered to pay Tiffany & Co. at least $19.35 million in damages after selling counterfeit diamond rings bearing the iconic jeweler’s name, a US federal judge ordered last week.
Costco to pay $11.1 million plus interest plus an addition to the $8.25 million in punitive damages that a jury awarded last October for Tiffany’s lost profit from the trademark infringement a US District Judge Laura Taylor Swain Said.
Evidence at the trial proved Costco had frequently reference Tiffany as a benchmark for style and quality, and placed rings labeled with the standalone word “Tiffany” next to branded luxury items.
The ruling sends a clear message to others who infringe the Tiffany mark.