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.
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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