Can it really be Jewery Fraud by our One and Only Costco????
Tiffany & Company sues Costco over sale of possibly thousands of 'counterfeit' rings.
Tiffany says it believes possibly thousands of engagement rings were sold to unsuspecting customers who believed the rings were authentic Tiffany products but in fact were not.
<section>Tiffany & Co. sued Costco on Thursday to stop the largest U.S. warehouse club chain from selling what it called counterfeit diamond engagement rings bearing the luxury retailer's name.
The trademark lawsuit filed in Manhattan federal court also calls on Costco to forfeit profits from the ring sales, plus damages of $2 million per infringement.
Tiffany said it believes hundreds, if not thousands, of Costco members bought engagement rings they believed were authentic Tiffany products but in fact were not.
Luxury retailers often sue to stop sales of alleged imitation products they believe cut into their own revenue streams and customer goodwill.
"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.
Mitchell also noted in the statement that Tiffany maintains an "aggressive and rigorous intellectual property program, and regularly takes actions against counterfeiters and infringers."
A spokesman for Costco was not immediately available.
In November 2012, a person who was shopping at a Costco in Huntington Beach, Calif., complained to Tiffany that she was disappointed to see Costco offering for sale what were promoted on in-store signs as Tiffany diamond engagement rings, according to the lawsuit.
A subsequent investigation revealed rings in a display case at the Huntington Beach Costco labeled with the Tiffany brand and that a salesperson there referred to them as Tiffany rings when they were not, according to the lawsuit. Tiffany also discovered that Costco was not using the Tiffany trademarks online for the same products at the same time to avoid detection, according to the lawsuit.
The case is Tiffany & Company and Tiffany (NJ) LLC v. Costco Wholesale Corp, U.S. District Court, Southern District of New York, 13-1041
Article: By Bernard Vaughan and Jonathan Stempel
Photo: Trademark of Tiffany & Co.
All I can say is damn! They are in big trouble if this is true. We could be talking a multi-billion dollar lawsuit. Could they even buy their way out of this? This suit is only on Tiffany's end, now you take in account for a class-action public suit. Which if true, will more than likely happen.
My wife and I were looking at those Tiffany rings and saying Costco now has rings in the $10,000 range. I don't know if this was possibly something only slipped through during the holidays or ??????
I hate to see what's going to happen to the company stock come Monday. I had stock in their company not too long ago and glad I don't now. I love the store, but this could be their ???????
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"I know Iím not perfect, and I don't live to be. But before you start pointing fingers, make sure your hands are clean."
I have a friend who purchased a what was supposed to be a Tiffany&Co. ring for his wife from Costco. I don't know if he knows anything about this lawsuit but I will be sure to pass on the information. What else have they done this on?
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