"We now know that there are at least hundreds if not thousands of Costco members who think they bought a Tiffany engagement ring at Costco, which they didn't," Jeffrey Mitchell, Tiffany's counsel in the case, said in a statement. "Costco knew what it was doing when it used the Tiffany trademark to sell rings that had nothing to do with Tiffany. This is not the kind of behavior people expect from a company like Costco, and this case will shed a much needed light on this outrageous behavior."
A representative for Costco Wholesale Corp. in Issaquah, Wash., could not be reached immediately for comment. Costco is the world's largest wholesale club operator with more than 600 sites worldwide.
Shares of Costco rose 39 cents to close at $102.02. Tiffany & Co. rose 25 cents to close at $63.70.