Swatch dispute with Tiffany intensifies

Swiss watchmaker Swatch Group says it is being sued for SFr541.9 million ($590 million) by its former business partner Tiffany over a contract dispute.

This content was published on March 12, 2012 - 10:19 and agencies

Swatch says the New York-based jeweller is striking back after it last year claimed SFr3.8 billion in damages from Tiffany. The watchmaker accuses Tiffany of obstructing a joint venture the companies created in 2007.

Swatch said in a statement on Monday that Tiffany’s counterclaim “has no factual or legal basis and will be vigorously contested”.

Tiffany couldn’t be reached for comment.

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