Ivanka Trump Jewelry Seller Ordered to Pay $2.4 Million in Court Dispute
Sep 21, 2015 5:08 AM
By Rapaport News
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RAPAPORT... The company behind the Ivanka Trump Fine Jewelry brand has been ordered by the New York State Supreme Court to pay $2.375 million plus interest to De Beers sightholder KGK Jewelry following a long-running dispute.
Madison Avenue Diamonds had claimed that it was not obliged to complete the payment of $3 million in a series of installments to KGK that was agreed between the two parties when they terminated a supply arrangement in 2012.
Madison Avenue Diamonds had argued that KGK’s failure to return certain computer design files before an agreed-on 45-day deadline following the closure of the contract had constituted a “material breach” and that Madison was therefore relieved of its financial obligations. It took KGK 46 days to send the files back.
However, Judge Charles E. Ramos ruled that Madison had not been released from its obligation to pay because the settlement agreement between the parties on termination of the supply contract did not indicate that “time was of the essence” and there was no sign that Madison had been damaged by the one-day delay in receiving the files.
The court also rejected Madison's arguments that that the jewelry provided by KGK was "of substandard quality", which KGK described as a “belated attempt [by Madison] to amend its claims and defenses to payment”.
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Tags:
Ivanka Trump, KGK Jewelry, Madison Avenue Diamonds, Rapaport News
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