LVMH plans to sue Tiffany over troubled deal, alleges jeweler mismanaged coronavirus crisis

LVMH plans to sue Tiffany over troubled deal, alleges jeweler mismanaged coronavirus crisis

Louis Vuitton owner LVMH said Thursday it intends to file a lawsuit in Delaware against Tiffany, arguing the upscale diamond retailer has mismanaged the coronavirus crisisth. The news comes a day after LVMH announced it would be scrapping its $16.2 billion acquisition of Tiffany, a deal that would have been the biggest ever in the luxury industry. Tiffany then sued LVMH in Delaware to enforce the agreement. LVMH said Thursday it was "surprised by the lawsuit filed by Tiffany," calling the action "totally unfounded." "LVMH will defend itself vigorously," the company said in a statement. "The long preparation of this assignment demonstrates the dishonesty of Tiffany in its relations with LVMH. This action is essentially based on the accusation by Tiffany that LVMH failed to take the reasonably necessary steps to obtain the various regulatory authorities'