Tiffany ordered to pay $449M to Swatch
Tiffany ordered to pay $449M to Swatch
BERLIN
Tiffany & Co. was ordered to pay Swatch Group AG about $449 million in compensation over a contractual dispute, the companies said Sunday.
The Netherlands Arbitration Institute also required Tiffany to pay more than $9 million for the Swiss watchmaker’s legal fees and the cost of arbitration, according to a statement from the New York-based jeweler.
The dispute arose in 2011 when Swatch canceled its cooperation with Tiffany, with Swatch saying at the time the jeweler was in breach of contract because it was trying to “block and delay” a joint venture both companies had entered in 2007.
Vindicator wire reports
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