A Dutch court has ruled in its favour and set aside an arbitration award the jeweller was ordered to pay in 2013 related to its failed partnership with Swiss watchmaker Swatch Group AG.
In the Arbitral Decision rendered in December 2013, Tiffany was ordered to pay Swatch Group the equivalent of $449.5 million in damages related to the failed partnership.
Tiffany was also ultimately ordered to pay roughly 402 million Swiss francs and 66% of the expense of the arbitration proceeding, among other costs.
Netherlands' Judicial Court:
Tiffany appealed to the court Dutch Court over the arbitration award, which Dutch law allows to be set aside in specific situations. A hearing was held in January, and a three-judge panel issued its ruling in favour of Tiffany to set aside the arbitral decision.
Swatch said in an announcement Wednesday that it the company will appeal the decision, which it described as "purely formal." The organization said that the decision was made in district court and is unenforceable until the Netherlands' Supreme Court makes a final decision.
Background of the case
Swatch took the matter to arbitration in the Netherlands, referring a breach on the contract and affirming that Tiffany moved too slowly to launch and promote the products. Tiffany filed a counterclaim, blaming Swatch for not getting the watches onto the shelves of different retailers. The two companies formed an alliance in 2007 to spur the development, production and global distribution of Tiffany brand watches. Despite being hailed by both companies as a historic agreement, the alliance never really took off, ending in 2011. The Mongolian government must pay Khan Resources $100 million in compensation
The Mongolian government must pay Khan Resources $100 million in compensation for its 2009 cancellation of the company's uranium licenses, an international arbitration tribunal has decided.
The arbitration proceeding was administered by the Permanent Court of Arbitration in Holland, closes the arbitration case launched by Khan in January 2011. In the event that the Mongolian government and state uranium exploration and mining company Monatom fail to make the settlement as directed by the court, Khan says it will take steps to collect the payment under a multilateral treaty on arbitration awards of which Mongolia is a signatory.
In respect of the merits of the claim, the Tribunal agreed with virtually all of Khan's arguments and concluded that Mongolia had...