Tags: Tiffany | Swatch | Failed | Venture

Tiffany Claims Nearly $600 Million From Swatch Over Failed Joint Venture

Monday, 12 Mar 2012 10:22 AM

Swiss watchmaker Swatch Group says it is being sued for 541.9 million Swiss francs ($589 million) by its former business partner Tiffany & Co. over a contract dispute.

Swatch says the New York-based jeweler is striking back after the Swiss group last year claimed 3.8 billion in damages from Tiffany.

The watchmaker accuses Tiffany of obstructing a joint venture the companies created in 2007.

Swatch said in a statement Monday that Tiffany's counterclaim "has no factual or legal basis and will be vigorously contested."

Tiffany couldn't immediately be reached for comment.

Shares in Swatch were down 0.4 percent at 73.70 francs ($80.07) on the Zurich exchange.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
106
2012-22-12
Monday, 12 Mar 2012 10:22 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved