Tiffany and Costco settle ring lawsuit after 8 years

The jewelry company accused Costco of trademark infringement and counterfeiting in its lawsuit from Valentine's Day 2013

Tiffany & Co. and Costco Wholesale Corp. have finally reached a settlement agreement over the jewelry store's eight-year lawsuit accusing Costco of trademark infringement and counterfeiting for selling a "Tiffany" ring setting.

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Lawyers for both companies asked for the case to be dismissed in the U.S. District Court in Manhattan on Monday, and David Bernstein, an attorney for Costco, said in an email that the parties have "amicably resolved their dispute."

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The issue has been batted around in court for years after first being filed on Valentine's Day 2013. Tiffany, a 184-year-old firm, was purchased by luxury goods company Moet Hennessy Louis Vuitton SE (LVMH SE) in January. Tiffany switched law firms on the matter a month ago, according to Reuters.

Following a judge's determination that Costco was at fault for using the term "Tiffany" to describe a pronged setting, a jury awarded the jewelry company $21 million in 2017. But that decision was reversed in August by a unanimous three-judge panel at the 2nd U.S. Court of Appeals who threw out the claim agreeing with Costco that "Tiffany" had become a generic term.

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An estimated 3,349 customers bought the "Tiffany setting" rings according to court documents, and Costco claims they scrubbed their store signage of the "Tiffany" label within a week of being notified by the jewelry company.