Swiss watchmaker Swatch claims victory in contractual dispute with Tiffany & Co

Swatch Group AG says it has won a contractual dispute with Tiffany & Co.

The Swiss watchmaker says the Netherlands Arbitration Institute has ordered Tiffany to pay Swatch 402 million Swiss francs ($449 million) in compensation.

Tiffany couldn't immediately be reached for comment late Sunday.

The dispute arose in 2011 when Swatch canceled its cooperation with Tiffany, accusing the New York-based jeweler of breach of contract.