For several months, those from Apple were involved in several lawsuits filed by a Chinese company called Proview, ccompany that wanted to get 1 billion dollars from the iPad trademark. Apple had bought from a subsidiary of Proview the right to use the iPad trademark worldwide, but the parent company claims that this right would not apply in China. After long processes, intense negotiations si a visit of Tim Cook to China, Apple has now agreed to settle the entire dispute for the sum of 60 million dollars.
BEIJING (AP) — A Chinese court says Apple has agreed to pay a local company $60 million to settle a dispute over ownership of the iPad name. The Guangdong High People's Court said Monday that Apple and Proview Technology reached the settlement through mediation. The court said that ended the legal case.
This agreement comes a few months after Proview tried to withdraw the tablet from Chinese stores and it seems that it will definitively end the dispute. Those from Proview asked for a huge amount for this trademark in the first phase in order to pay his creditors, those from Apple made an initial offer of 16 million dollars, but in the end the amount will be 4 times higher. By paying this money, Apple gets rid of a big "headache" that could have cost it much more if the Proview lawyers had succeeded in banning the sale of iPad tablets in China.
Information regarding this agreement were made public during a trial held by a superior court of Guangdong province.
