Apple pays Proview $60 million for iPad trademark in China

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, ending litigate before the Guangdong High People's Court court.

Apple has maintained they bought all legal rights to the iPad name in a previous, global transaction back in 2009, but the Proview disagreed, saying the Chinese rights were never transferred. Back in December, the Chinese court sided with Proview on that point.

Proview initially sought $2 billion in damages.

Proview hoped for more money but felt pressure to settle because it needs to pay debts, said a lawyer for the company, Xie Xianghui. He said the company had hoped for as much as $400 million and might still be declared bankrupt in a separate legal proceeding despite the infusion of settlement money."This is a result that is acceptable to both sides," Xie said.

This is still probably $60 million more than Apple wanted to pay, but it will grant them unobstructed entry to the Chinese market. Apple's second largest after the US.

Source: Associated Press

Rene Ritchie

Rene Ritchie is one of the most respected Apple analysts in the business, reaching a combined audience of over 40 million readers a month. His YouTube channel, Vector, has over 90 thousand subscribers and 14 million views and his podcasts, including Debug, have been downloaded over 20 million times. He also regularly co-hosts MacBreak Weekly for the TWiT network and co-hosted CES Live! and Talk Mobile. Based in Montreal, Rene is a former director of product marketing, web developer, and graphic designer. He's authored several books and appeared on numerous television and radio segments to discuss Apple and the technology industry. When not working, he likes to cook, grapple, and spend time with his friends and family.