Times Up! Shreve & Co. sued for $500k, man spends over $220k for chance to buy Patek

[GGGMT]

Settled out of court. Likely for a Patek.


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[codecow]

Hopefully one of those pairs of cufflinks that sat in the case for 10 years.

[dauster]

Originally Posted by GGGMT

Settled out of court. Likely for a Patek.


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Unfortunately they don’t carry Patek anymore for over a year already- maybe money/ refund ?


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[bay_area_kid]

Originally Posted by dauster

Unfortunately they don’t carry Patek anymore for over a year already- maybe money/ refund ?

Or maybe a Daytona Le Mans allocation?

I can't think of anything Shreve has that will come close to the 5980/1R.

[ts3]

Originally Posted by bay_area_kid

Or maybe a Daytona Le Mans allocation?

I can't think of anything Shreve has that will come close to the 5980/1R.

Maybe Shreve had to buy a 5980/1R grey to settle.

[Watchdoyouwant?]

Originally Posted by ts3

Maybe Shreve had to buy a 5980/1R grey to settle.

No. My guess is Shreve’s insurance carrier paid as damages the approximate cost to acquire the watch on the grey market. I doubt there was anything extra paid and it was regarded as a breach of contract claim. Lawyer took 1/3, as is standard here. Client walked away with the remainder.

[Coolcamden]

Super disappointing. I was hoping for some drawn out process…. Add some juice to our board.

[GGGMT]

Originally Posted by dauster

Unfortunately they don’t carry Patek anymore for over a year already- maybe money/ refund ?


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I was kidding. I actually think they’re going to settle for a fossil. Maybe a tissot.


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[Watchguynyc8300]

Wonder what the settlement worked out to be. Maybe they repurchased all the jewelry.

[1William]

Settled. Just as predicted.

[johnsonsxusfrt]

This is good precedent and possibly a little warning shot for other ADs that play similar games ;)

[codecow]

I still blame Patek for this. They hung all their Shreve customers out to try and set them back to zero.

[Calatrava r]

Case was settled. Probably as said above for a return of the unwanted stuff and a payment to the plaintiff of some amount. I cannot see this case as having big dollar intrinsic settlement value, but the optics of a trial and what could have come out at trial could hurt the store, thus they paid and moved on. To me the question was whether it was reasonable to assume a binding contract under the circumstances and loss of the agency was always a known risk beyond the control of either party.

[Gebbeth]

To me, it was clear that this was going to settle because neither party would look good if the case was actually litigated. The AD would have to disclose damning texts and emails showing shady business practices, possibly implicating Patek in the process (at least turning a blind eye toward such practices), and the plaintiff would look like a fool spending money on things he didn't want, being a conspicuous consumer, and looking utterly unsympathetic to anyone.

It's a win-win for both parties to settle, and this was possibly the original intent anyway from the plaintiff.

I do feel, like others have said, cheated in that I would have loved to see greedy AD behavior exposed in all its wretched glory.

Need a bloody do-gooder to stand in as part of a class action that is willing to go all the way to the end of litigation to expose the seediness, like the Harvard/North Carolina case.

[fsprow]

It’s sure fun to speculate when no one except the litigants and the court has the foggiest idea how this was settled.

[pav333hp]

Originally Posted by fsprow

It’s sure fun to speculate when no one except the litigants and the court has the foggiest idea how this was settled.

My thought exactly! Feels like a bunch of unproved speculations without actual and direct knowledge of the case details. While I'm interested to know the outcome, let's get facts. But this is internet... don't believe everything you read.

[johnsonsxusfrt]

Originally Posted by fsprow

It’s sure fun to speculate when no one except the litigants and the court has the foggiest idea how this was settled.

we're silly people on a silly watch forum... what else is there to do other than post pictures, opinions and speculation