Apple Agrees to Pay Proview $60 Million to Settle ‘iPad’ Trademark Dispute in China

Associated Press reports that Apple has agreed to pay Proview Technology $60 million for the rights to the “iPad” trademark in China.

Back in May, it was reported that Apple had offered Proview 100 million yuan or $16 million to settle the dispute.

But Proview which has gone bankrupt was looking to settle for at least $400 million from the settlement so that it can pay its creditors. Proview had initially sued Apple for $2 billion.

Associated Press reports:

Apple has agreed to pay a Chinese company $60 million to settle a dispute over ownership of the iPad name, a court announced Monday, removing a potential obstacle to sales of the popular tablet computer in the key Chinese market. [..]

[..] “The iPad dispute resolution is ended,” the Guangdong High People’s Court said in a statement. “Apple Inc. has transferred $60 million to the account of the Guangdong High Court as requested in the mediation letter.” [..]

“This is a result that is acceptable to both sides,” Xie said.

Until now, Apple has insisted that it had bought Proview’s worldwide rights to the iPad trademark in 10 countries including China several years ago. Proview, however, claims that the agreement didn’t hold in China, saying that the Taiwanese subsidiary which dealt with Apple had no right to sell the Chinese trademark.

It ended up being quite an expensive settlement for Apple, but it should clear the way for the company to finally introduce the new iPad (3rd generation iPad) in China, which is already available in more than 90 countries since it was launched back in March.