Tiffany Sues Costco for Billions Over Fake Rings Costco allegedly sold hundreds of rings falsely claiming they were Tiffany By Mark Russell, Newser Staff Posted Feb 15, 2013 8:55 AM CST 40 comments Comments Tiffany & Co. is suing Costco, claiming a Huntington Beach location sold diamond engagement rings while falsely claiming they were Tiffany rings. (Shutterstock) (Newser) – Costco has been hit by a potentially multi-billion-dollar lawsuit by Tiffany, as the luxury goods company claims the giant retailer sold hundreds, if not thousands, of diamond engagement rings labeled as Tiffany—which they weren't, reports Reuters. Tiffany was told by a customer in November that rings in a Huntington Beach Costco were being plugged as Tiffany rings; the Costco website did not refer to the rings as such, indicating the store tried to hide the deception, according to the lawsuit filed yesterday. An investigation revealed that Costco has been selling different types of rings for many years identified as "Tiffany," says the jewelry retailer, per the AP. It claims Costco led its customers to believe they were buying authentic Tiffany products at significant discounts. Tiffany is asking for the profits from the ring sales plus $2 million in damages per infringement. "This is not the kind of behavior people expect from a company like Costco, and this case will shed a much needed light on this outrageous behavior," says a lawyer for Tiffany.