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Tiffany Losses Court Case and Cuts Earnings Outlook

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Shares of the luxury jewelry retailer Tiffany & Co. (NYSE:TIF) are slightly trading lower this morning as a result of being ordered by a Dutch court to pay $448.79 million in damages to the Swatch Group Ltd. (VTX:UHR). In 2007, Tiffany and Swatch struck an agreement to produce a series of watches under the Tiffany brand. The agreement was slated to last for 20 years. But, Tiffany didn’t like the series of watches that Swatch was producing and the deal went array in 2009. Both sides claimed a breach of contract. As a result of the court ruling, Tiffany cut its full-year earnings outlook.