• Switzerland edition
 
Tiffany & Co to pay Swatch over contract tiff
A Swatch display at 2013 Baselworld watch and jewellery show. Photo: AFP

Tiffany & Co to pay Swatch over contract tiff

Published: 23 Dec 2013 08:41 GMT+01:00
Updated: 23 Dec 2013 08:41 GMT+01:00

Tiffany was required to pay Swatch 402 million Swiss francs (€327 million euros, $449 million) under the ruling by the Netherlands Arbitration Institute, Swatch said in a statement.

The case stemmed from a 2007-2011 cooperation deal that Swatch said Tiffany had systematically obstructed.

Swatch Group had sought 3.8 billion Swiss francs from its erstwhile partner, while Tiffany had counter-sued for 541.9 million Swiss francs from Swatch.

SEE ALSO: Competition watchdog cuts Swatch's obligations

Swatch said the Netherlands Arbitration Institute had rejected Tiffany's counter-suit.

Tiffany chief executive Michael Kowalski said the company was "shocked and extremely disappointed with the decision" and was reviewing its options with its lawyers.

He said the company had "sufficient financial resources" to pay the award, and that its books would reflect the payment as an after-tax charge of $295 million to $305 million in the fourth quarter.

AFP/The Local (news@thelocal.ch)

Don't miss...X
Left Right

Your comments about this article

Today's headlines
Nyon's Paleo music festival off to muddy start
Elton John is set to make his first appearance at the Paleo festival. Photo: AFP

Nyon's Paleo music festival off to muddy start

The 39th Paleo music festival, getting under way on Tuesday in Nyon in the canton of Vaud, is struggling with muddy grounds after heavy rain. READ  

Troicki returns from ban with Swiss Open win
Viktor Troicki playing at Wimbledon last year. Photo: Adrian Dennis/AFP

Troicki returns from ban with Swiss Open win

Viktor Troicki made the most of his return to tennis after serving a one-year ban as the Serb defeated Austria's Dominic Thiem 7-6 (7/4), 6-4 on Monday to reach the second round of the Swiss Open in Gstaad. READ  

Police seek witnesses in Vevey stabbing death
Vevey: residents stunned by stabbing death. Photo: Switzerland Tourism

Police seek witnesses in Vevey stabbing death

Vaud cantonal police were seeking witnesses after a 32-year-old man was stabbed to death in Vevey on Monday. READ  

Bern football player's own goal goes global
Photo: YouTube/Screenshot

Bern football player's own goal goes global

Milan Gajic, a player for the Bern football team Young Boys, is facing the embarrassment of a lifetime after a video of his own goal over the weekend went viral on the internet. READ  

Julius Bär faces US penalty over tax evasion
Photo: Sporst

Julius Bär faces US penalty over tax evasion

Julius Bär said on Monday it expects to strike a deal with American authorities over a probe into the Swiss bank's role in helping Americans evade taxes by the end of the year. READ  

ABB and Volvo team up for rechargeable buses
Prototype of the bus tested by Geneva transit company TPG. Photo: ABB

ABB and Volvo team up for rechargeable buses

Electric buses which can recharge their batteries fast when at bus stops are to be developed by Swiss-Swedish engineering group ABB and Volvo Buses of Sweden, ABB said on Monday. READ  

Questions linger over abducted teen's murder
View of Belmont-sur-Lausanne. Photo: Sissssou/Wikimedia Commons

Questions linger over abducted teen's murder

An investigation is continuing into the kidnapping and murder of a 14-year-old girl by a 30-year-old man who is believed to have committed suicide in woods east of Lausanne. READ  

Avalanches claim four victims in Valais Alps
North face of the Pointes de Mourti, site of one of the deadly avalanches. Photo: Valais cantonal police

Avalanches claim four victims in Valais Alps

A 50-year-old British woman was among four people who died in two separate avalanches in the Valais Alps over the weekend. READ  

Swiss ice cream sales continue to melt: report
Photo: Giuseppe Cacace/AFP

Swiss ice cream sales continue to melt: report

The news is perhaps fitting given the poor summer Switzerland is experiencing so far this year: Swiss residents are eating less ice cream, new figures show. READ  

Switzerland's Swatch to open stores in India
Photo: AFP

Switzerland's Swatch to open stores in India

Swatch has applied to set up stores in India, a report said on Saturday, as the Swiss-based watchmaker moves to tap a growing and increasingly accessory-conscious consumer class. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
National
Roger Federer and Lindsey Vonn play tennis at Jungfraujoch (VIDEOS)
Business & Money
Competition commission launches probe into Swiss car leasing 'fiddle'
Health
Down's syndrome cases in Switzerland more than double
National
American family files hefty lawsuit over deadly Swiss balloon crash
Features
Graubünden's panoramic Bernina Express celebrates rail history
National
Study rates Zurich as world's fifth most expensive city for expats
National
Swiss-based human brain project directors hit back at research critics
Business & Money
Switzerland gets the edge on EU with China free trade agreement
National
Entries for new Swiss national anthem competition swell over 200
National
Zurich-based helicopter firm denies role in Schumacher medical leak
Culture
Montreux Jazz Festival debuts live internet streaming of concerts
Features
Tour of Bern’s historic fountains tells story of Switzerland's capital
National
Swiss media lament football team's 'cruel' and 'bitter' defeat
International
The Local expands its reach with the launch of new website in Denmark
Sport
Jubilant press hails hat-trick hero Shaqiri as 'Swiss Messi'
National
New website study reveals inequality in Swiss disposable income
Travel
Switzerland’s largest ski area 4-Vallées breaks up over lift dispute
National
VIDEO: Zurich Zoo launches contest to name newborn baby elephant
Business & Money
CEO-to-worker pay gap grows at biggest Swiss firms: union study
Culture
VIDEO: Swiss performance artist plans naked stroll at Art Basel
National
Zurich's new rail line and underground station open 'without a hitch'
Sport
Formula One legend Schumacher faces life as invalid: Swiss specialist
National
Swiss university researchers dissect what's up with WhatsApp messages
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

2,122
jobs available