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NYC's Counterfeit Sellers Forced To Pay Up!

| Filed under: Fashion SmashionLegal Matters

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New York City is fighting back against the counterfeit good sellers in the city's infamous Canal Street area of Chinatown.

After shutting down some 32 stores in 2008 from a raid that seized over $1 million in counterfeit goods, mayor Michael Bloomberg is allowing the shops to reopen so long as they pay $800,000 to the city.

The 6 figure payment deal comes as a result of a lawsuit filed by the New York State Supreme Court against the estate of Vincent Terranova, who owns the properties. The estate agreed to the $800,000 and so long as the shop owners pay it, they can reopen for "legitimate" business.

Bloomberg said in a statement:

"Property owners should know that they are responsible for what goes on in their buildings and that the hosting of illegal activity like counterfeiting is a losing proposition. Counterfeiting deprives legitimate businesses of their customers and employees of their paychecks."

It's a start, but we have a feeling tourists will still be able to snatch those Kade Spate and Cucci bags. They'll just have to look harder!

[Image via AP Images.]

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