Press release from Business Wire
Tiffany Disputes eBay Decision
Thursday, April 01, 2010
Tiffany Disputes eBay Decision12:24 EDT Thursday, April 01, 2010 NEW YORK (Business Wire) -- Tiffany & Co. (NYSE: TIF) today criticized the decision by the U.S. Court of Appeals for the Second Circuit that allows eBay to continue to sell counterfeit TIFFANY products on its website. While the decision leaves room to establish Tiffany's claims for false advertising, it leaves in place a prior ruling which allows eBay to profit from counterfeit sales. This decision will not help innocent consumers who are being victimized by illegal e-commerce practices. “Obviously Tiffany is very disappointed by today's decision. As an e-commerce leader, eBay has a responsibility to protect consumers and promote trust in its marketplace,” said Michael J. Kowalski, chairman and chief executive officer of Tiffany & Co. “eBay knew that counterfeit merchandise was being sold on its site – and eBay took no effective steps to stop it. eBay deliberately misled consumers for profit, and unfortunately, the court has justified its actions. The consumer is the real loser today.” Tiffany's attorneys are performing a full review of the decision and will consider an appeal to the U.S. Supreme Court. TIFFANY & CO. operates jewelry and specialty retail stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling through Internet, catalog and business gift operations. For additional information, please visit tiffany.com or call the shareholder information line at 800-TIF-0110.