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Costco owes Tiffany more than $19 million for selling counterfeit rings

Bling! Tiffany and Signet shine

Costco's going to pay for selling "Tiffany" engagement rings that weren't made by Tiffany.

U.S. District Judge Laura Taylor Swain ruled on Monday that Tiffany (TIF) is entitled to $11.1 million in trebled profits -- triple the loss it incurred from Costco's actions -- plus interest, in addition to $8.25 million in punitive damages. Overall, Costco (COST) owes the luxury jewelry retailer more than $19.3 million.

Tiffany said in a statement that the decision "validates the strength of the Tiffany trademark and the value of our brand, and most importantly, sends a clear and powerful message to Costco and others who infringe the Tiffany mark."

"We brought this case because we felt a responsibility to protect the value of our customers' purchases," the company added. "It is critically important that the...