Costco owes Tiffany & Co. $19.3M for selling 'Tiffany' rings

Costco owes Tiffany & Co. $19.3M for selling 'Tiffany' rings
Posted at 10:50 AM, Aug 15, 2017
and last updated 2017-08-15 07:45:31-04

(CNN) - Costco's going to pay for selling "Tiffany" engagement rings that weren't made by Tiffany & Co.

A federal judge ruled Monday that Tiffany & Co. is entitled to $19.3 million dollars.

That includes triple the loss in profits Tiffany & Co. incurred from Costco's actions, plus interest and more than $8 million in punitive damages.

Tiffany & Co. said in a statement the decision "sends a clear and powerful message to Costco and others who infringe the Tiffany mark."

Costco had argued it was using "Tiffany" as a generic term to describe a ring's setting.

The company argued the items were not stamped or marked with the Tiffany name and were not sold in Tiffany's distinct blue boxes or bags.

Costco said it intends to appeal the ruling.

Copyright 2017 CNN. All rights reserved.