Tiffany & Co, the luxury multinational jewelry and silverware corporation sued Costco on Thursday, to stop selling what it called counterfeit diamond engagement rings.
The lawsuit, filed in Manhattan federal court, also called on Costco to cough up profits from ring sales, in addition to damages of $2 million per infringement, Reuters reported.
Tiffany’s, which is headquartered in New York said, it believes thousands of Costco members bought engagement rings from Costco believing they were authentic Tiffany products, when in fact they were not, the news service also reported.
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