Summary Box: Tiffany sues Swatch on joint venture

Summary Box: Tiffany claims Swatch owes it nearly $600 million over failed joint venture

Associated Press

AT STAKE: Swiss watchmaker Swatch Group says the U.S. jeweler Tiffany & Co. has sued it for nearly $600 million.

DEAL SOURS: Swatch says Tiffany is striking back after the watchmaker accused Tiffany of obstructing a joint venture the companies created in 2007 and costing Swatch billions.

THE STOCKS: Shares of Swatch were down 0.4 percent at 73.70 francs ($80.07) on the Zurich exchange. Shares of Tiffany were up 56 cents, trading on the Nasdaq at $69.33 by early afternoon.

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