At the heart of the trial, which got under way Wednesday, is whether Macy's has the exclusive right to sell Martha Stewart-branded products in such categories as cookware, bedding, and bath. Company founder Martha Stewart, J.C. Penney's CEO Ron Johnson and Macy's CEO Terry J. Lundgren could be called to testify during the trial, which could last three weeks.
In December 2011, J.C. Penney announced a partnership in which it would open Martha Stewart mini shops in most of its stores, beginning this spring. Macy's sued Martha Stewart Living almost immediately, saying that it had exclusive rights on certain of its products until 2018. The pact goes back to 2007.
By The Associated Press(equals)The Dow Jones industrial average fell 108 points, or less than 1 percent, to close at 13,927. The Standard & Poor's 500 index sank 18.99 points to 1,511.95, a loss off 1.2 percent. That's the biggest one-day drop since Nov. 14, 2012. The technology-heavy Nasdaq composite index fell 49 points, or 1.5 percent, to 3,164. Benchmark crude for April delivery lost $1.88, or 2 percent, to finish at $95.22 a barrel on the New York Mercantile Exchange. Brent crude, used to price many international varieties of oil imported by U.S. refineries, fell $1.92 to finish at $115.60 a barrel in London. Heating oil fell 2 cents to end at $3.16 per gallon. Wholesale gasoline fell 6 cents to finish at $3.06 per gallon. Natural gas rose 1 cent to end at $3.28 per 1,000 cubic feet.