A Dutch Court Set Aside An Arbitration Award

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.