Tiffany sues Costco claiming that many of the engagement rings sold were actually counterfeit. On Feb. 14, NBC News reported that the jewelry giant -- famous for their bowed turquoise boxes -- claimed that Costco is selling diamond rings from Tiffany. Except Tiffany says that the rings are not theirs at all.
According to the lawsuit, Tiffany wants Costco to stop selling the counterfeit rings. They also want Costco to "forfeit profits from ring sales" and pay up $2 million for infringement. This all seems surprising, given that Costco is a trusted retailer -- not to mention that Tiffany claims that hundreds if not thousands of customers were basically duped.
Tiffany is suing Costco which could only be the start of the lawsuits the wholesale super store has coming. If people paid big money for rings that they believed were authentic from Tiffany, they could be looking to get their money back as well... and if Costco doesn't comply? Lawsuit city. Tiffany is very unhappy with the way things have gone down and it sounds like Costco tried to pull a fast one... and failed.
"This is not the kind of behavior people expect from a company like Costco, and this case will shed a much needed light on this outrageous behavior," said Jeffrey Mitchell, a lawyer for Tiffany (via NBC News).
If Tiffany successfully sues lawsuit, it could mean big trouble for Costco.
© Effie Orfanides 2013