30 Dec '13, 4am

Swatch awarded US$449.5million in legal battle against Tiffany & Co.

Swatch awarded US$449.5million in legal battle against Tiffany & Co.

The legal battle that has been going on between Tiffany & Co. and the Swatch Group since 2011, finally ended on December 21. An arbitral panel issued an award in favor of the Swatch Parties, in the amount of CHF 402.7 million (about US$449.5 million). One of the three members of the arbitral panel issued a Dissenting Opinion stating that the claims of the Swatch Parties should have been dismissed, while in the majority opinion and award, the Swatch Parties substantially prevailed as to liability, and the Tiffany Parties substantially prevailed as to the methods of calculating damages. "We were shocked and extremely disappointed with the decision of the majority of the arbitral panel. We firmly believe the panel's ruling is not supported by the facts of this case or the various agreements between the Swatch parties and the Tiffany parties. While we are reviewing our options...

Full article: http://www.luxury-insider.com/luxury-news/2013/12/swatch-...

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