Tiffany Seeks Millions In Damages, Chinese Banks Refuse To Comply

Finance and Trade
09/05/2015 07:54

Tiffany & Co. seeks $58.5 million in damages from an online counterfeiting ring that spans three continents. Tiffany said it traced PayPal transfers to Bank of China, ICBC and China Merchants Bank accounts, and also found that the Bank of China was processing credit card payments for one defendant, but the Bank of China refused to cooperate, U.S. court documents show. More than 90 percent of the banks used by online counterfeiters to process credit card payments are Chinese, according to the International Anti-Counterfeiting Coalition, a non-profit industry group whose members include Apple Inc., Procter & Gamble and Tiffany & Co.