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Tiffany claims nearly $600 million from Swatch over failed joint venture
In this Sept. 8, 2008 file photo pedestrians pass a big Swatch watch advertisement in Bregenz, Austria. THE CANADIAN PRESS/AP, Keystone, Gaetan Bally
GENEVA - Swiss watchmaker Swatch Group says it is being sued for 541.9 million Swiss francs ($589 million) by its former business partner Tiffany & Co. over a contract dispute.
Swatch says the New York-based jeweler is striking back after the Swiss group last year claimed 3.8 billion in damages from Tiffany.
The watchmaker accuses Tiffany of obstructing a joint venture the companies created in 2007.
Swatch said in a statement Monday that Tiffany's counterclaim "has no factual or legal basis and will be vigorously contested."
Tiffany couldn't immediately be reached for comment.
Shares in Swatch were down 0.4 per cent at 73.70 francs ($80.07) on the Zurich exchange.
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