Associated Press reports that Apple and Chinese company Proview Technology have reached a settlement deal that involves Apple paying $60 million for the rights to the "iPad" trademark in China.
"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."
Proview began publicly objecting to Apple's use of the iPad name in late 2010, with the situation eventually escalating to see Proview demanding bans on iPad sales in the country and up to $2 billion in compensation.
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Settlement talks initiated earlier this year reportedly saw Apple offering $16 million to settle the case, but Proview was apparently holding out for a $400 million settlement that could save the company as it seeks to reorganize under bankruptcy.
Apple argued in several court cases that it had acquired the Chinese rights to the iPad name in late 2009 as part of a deal with Proview's Taiwanese arm. That deal, brokered by Apple dummy corporation IP Application Development, reportedly saw the rights to the name transferred in a number of markets around the globe for just $55,000. Proview later claimed that the Chinese rights to the trademark were owned by its Chinese subsidiary and that the Taiwanese arm consequently could not have sold them to Apple.
Top Rated Comments
(View all)No wonder Proview is bankrupt, they are a bunch of idiots.
Idiots? They just got $60 Million for something they already sold, genius is more like it.
I still think the iPad is a stupid name for the device.
Dont tell me you didn't laugh when jobs pulled out the iPad and it looked like an oversized iPhone.
Well, um, not really.
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I still think the iPad is a stupid name for the device.
Dont tell me you didn't laugh when jobs pulled out the iPad and it looked like an oversized iPhone.
I personally didn't, because as an adult I have a pad of paper on my desk at all times.
For $120 million.
:)
There not, they have $60,000,000.
Preview is in debt to its creditors by $400million. Now they're in debt $340Million.
They are in fact still broke and shouldn't have gotten anymore than 50k from apple. Oh well. At least it's settled.
Yeah, I know that Apple can more than afford it but these clowns at Proview made a deal to give up the iPad trademark long before the iPad's release and therefore really don't have a claim to it now. The original deal should have sealed it long ago and these guys deserve nothing.
$60 million because they feel shafted after the iPad's success and for this to go away on Apple's end, pluh-ese! :rolleyes: