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The dispute arose in 2011 when Swatch canceled its cooperation with Tiffany, with Swatch saying the jeweler was in breach of contract because it was trying to “block and delay” a joint venture that both companies had entered in 2007. The joint venture would have been a 20-year agreement for Swatch to sell watches under the new brand Tiffany Watch Co. Ltd. in Tiffany’s own shops as well as other outlets. The profit should have been shared between the two companies. After the end of the deal Swatch submitted the dispute to the Netherlands Arbitration Institute that on December 22, 2013 ruled Tiffany to pay $449 million as compensation over a contractual dispute together with $9 million to cover Swatch’s legal fees.