- In respect of certain breaches of the Tiffany Parties under the Agreements, Tiffany is to pay the Swatch Parties CHF 402.7 million (or approximately USD $449.5 million), plus interest thereon from June 30, 2012 to the date of payment at the statutory compound interest rate for damages under applicable Dutch law (which rate is currently three percent).
- The amount awarded reflects approximately 8.8% of the amount claimed by the Swatch Parties.
- The Tiffany Parties are required to pay two-thirds of the costs of the arbitration. That amount is Euro 0.6 million (or approximately USD $0.8 million).
- The Tiffany Parties are also required to pay two-thirds of the reasonable legal fees, expenses and other costs incurred by the Swatch Parties in connection with the arbitration. These amounts, which are to be paid in multiple currencies, aggregate to approximately USD $8.8 million.
- The Agreements were deemed terminated by the arbitral award as of March 1, 2013.
Award Issued In Arbitration Between The Swatch Group Ltd. And Tiffany & Co.
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