TIFFANY, COSTCO SETTLE 8-YEAR SUIT OVER `TIFFANY' RINGS

Tiffany & Co. has settled its more than eight-year-old lawsuit accusing Costco Wholesale Corp. of trademark infringement and counterfeiting for selling generic diamond engagement rings bearing the “Tiffany” name. Monday's settlement came after the federal appeals court Manhattan in August threw out a US$21-million judgment that Tiffany won in 2017 following a jury trial. A trial judge had found Costco liable for selling the disputed rings, despite its claim that “Tiffany” had become a generic term and described the rings' pronged setting. But the appeals court said Costco acted in good faith, and that Costco customers were smart enough to realize Tiffany didn't make or endorse the warehouse chain's “Tiffany” rings. About 3,349 customers bought Tiffany-set rings at Costco in the period covered by the lawsuit.