In one of the world’s most closely watched trademark cases, the U.S. Court of Appeals for the Second Circut ruled Thursday that eBay does not infringe on Tiffany’s trademarks even though the online auction site features plenty of counterfeit goods billed as being legitimately produced by the luxury jeweler, according to a copy of the opinion available below.

The ruling leaves the door open for Tiffany to challenge’s eBay’s advertising policy, which is why some early headlines at Reuters and elsewhere pegged the decision by the three-judge panel as a win for Tiffany.

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