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Apple Pays USD 60M for iPad Trademark in China

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Apple Pays USD 60M for iPad Trademark in China

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Apple has agreed to pay US$60 million for ownership of the iPad trademark in China, as part of a settlement with a little-known Chinese firm called Proview that had tried to ban sales of the tablet in the country, according to a local court.

The Guangdong Province Higher People’s Court announced the settlement on Monday, and stated that the legal dispute had been put to rest. Following the payment to Proview, Chinese authorities transferred the “IPAD” trademark to Apple.

The two companies have been locked in a legal dispute to determine ownership of the iPad trademark, with Apple claiming to have bought the iPad trademarks for China from Proview in 2009.

The Guangdong court was originally expected to rule on the case. But Apple and Proview were in recent months in talks to settle the dispute, at the initiative of the court.

Proview had wanted as much as $400 million in settlement from Apple in order to help clear its debts. Eight banks have taken over Proview’s assets and are owed $180 million.

Li Su, the head of the consultancy representing the eight banks, said Apple initially wanted to pay only a few million dollars for the iPad trademark. But over time, Apple negotiated in good faith, realizing the dispute would linger in Chinese courts unless a settlement was reached, he added.

Su said he did not know how the $60 million received from Apple would be spent.

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About The Author
Shivaank Rana
Shivaank Rana
iGyaan's Carlos Santana! Shivaank loves Apple products! He stays up to date with the latest happenings of the tech world and gets his hands dirty with the latest Gadgets! Follow Him on Google Plus : Google+