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Costco will have to pay $5.5 million for selling fake Tiffany rings

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Costco sold knockoff Tiffany & Co. rings, now a jury says they should pay up.

The warehouse chain will have to pay $5.5 million to compensate the jewelry company, a federal jury ordered on Thursday.

Costco sold 2,500 engagement rings with the Tiffany name that did not come from the company, according to the lawsuit.

Tiffany is also entitled to punitive damages, the jury in Manhattan said.

The $5.5 million represents the amount of profit Costco made from the sale of the rings.

U.S. District Judge Laura Taylor Swain said Costco's jewelry buyers had asked vendors to copy Tiffany designs.

Evidence showed Costco employees knew about customer complaints, but didn't do anything about it.

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