Tiffany and Co. suing Costco for selling counterfeit rings

February 16, 2013 12:15:37 AM PST
Tiffany And Company is suing Costco to stop the warehouse club chain from selling what it calls counterfeit diamond engagement rings with its company name.

The trademark lawsuit also calls on Costco to forfeit profits from the ring sales, plus damages of $2 million per infringement.

Tiffany says it believes hundreds-- if not thousands-- of Costco members bought engagement rings they believed were authentic tiffany products, but was not.

According to the lawsuit, tiffany discovered Costco was not using the tiffany trademarks online for the products to avoid detection.