Costco Slammed For Fake ‘Tiffany’ Rings

Costco owes jeweler Tiffany & Co. $7.5 million after it failed to convince a federal jury in New York that the term “Tiffany” is generic, and can be applied to any pronged ring. Tiffany sued Costco three years ago for selling rings identified as “Tiffany” on signs in the jewelry cases at its stores. They alleged trademark infringement, counterfeiting, and deceptive business practices. The jury said Costco should pay Tiffany $5.5 million in compensation from its profit off the ring sales, and $2 million more in statutory damages. That is far more than the $781,000 that Costco initially said it owed Tiffany.