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RAPAPORT… A Dutch court upheld a 2013 ruling ordering Tiffany & Co. to pay Swatch Group $450 million (CHF 402.7 million) in damages from their failed joint watch venture, Tiffany reported.
The two companies established a partnership in December 2007 to produce and market watches under the Tiffanybrand, but the deal ended in a bitter and expensive court battle. Swatch sued Tiffany in December 2011 for breach of contract, prompting Tiffany to countersue a few months later. Swatch ultimately won the arbitration before a panel of judges in December 2013.
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