Apple has agreed to pay $60 million dollars to Proview Technology, the Chinese company with which they've had a longstanding dispute over the iPad trademark, recently litigate before the Guangdong High People's Court court.
Apple and Proview are apparently in talks to settle the case of who has rights to the iPad trademark in China, and rumor has it Apple's initial offer was $16 million. This is after Proview's initial ask of a whooping $2 billion in February, which they've since lowered to $63 million according to anonymous sources.
Apple had to attend a court in China last night as it became embroiled in a battle over the rights to the iPad name in China. Proview, a company which has already filed for bankruptcy claims that Apple does not own the trademark for the iPad in China. Proview has already caused disruption to the sale of the iPad in China and is looking to gain a complete ban.
One of the Intermediate People's Courts in China's Guangdong province has decided that local distributors need to stop selling iPads because Proview had a previous claim to the name. Of course, the case still has to go to Shanghai, where Apple will make a concerted resistance.
Apple has addressed concerns over the iPad trademark case brought by Proview that has recently had online retailers in China removing iPad's from their inventory. In a statement issued to China Daily, Apple asserts that Proview is simply not honoring the agreement in place.
Although we were under the impression that Apple had locked down the trademark rights to the iPad name long ago, but apparently the folks at Proview Technology in Shenzhen have a prior claim that they're clinging to.