Swatch says Tiffany to pay it $567m in damages

People stand in front of a Tiffany store on Bahnhofstrasse shopping street in Zurich on Dec 19, 2013. Swatch Group said a Dutch court has sentenced Tiffany & Co. to pay it 402 million Swiss francs (S$567 million) in damages in a lawsuit foll
People stand in front of a Tiffany store on Bahnhofstrasse shopping street in Zurich on Dec 19, 2013. Swatch Group said a Dutch court has sentenced Tiffany & Co. to pay it 402 million Swiss francs (S$567 million) in damages in a lawsuit following the end of a collaboration between the two groups. -- FILE PHOTO: REUTERS

ZURICH (REUTERS) - Swatch Group said a Dutch court has sentenced Tiffany & Co. to pay it 402 million Swiss francs (S$567 million) in damages in a lawsuit following the end of a collaboration between the two groups.

The Netherlands Arbitration Institute sentenced Tiffany to pay Swatch damages after it pressed claims against the United States (US) jeweller in December 2011, the world's largest watchmaker said in a statement on Sunday.

Swatch said the court had integrally dismissed a counter-claim filed by Tiffany in March 2012.

Tiffany could not immediately be reached for comment.

Swatch and Tiffany had struck an agreement to develop watches under the Tiffany brand together in 2008, but Swatch terminated the partnership in 2011, blaming Tiffany for blocking and delaying development of the business.