Marking the end of the longstanding trademark dispute over the name “iPad,” Apple has agreed in Chinese court to pay a $60 million settlement fee to Proview Technology. Once the money is transferred, the settlement will officially end the court battles between the two companies.
Proview originally accused Apple of stealing its iPad trademark in February 2012 on Chinese soil, and the legal dispute has continued since. The U.S. California court ruled against Proview’s accusation earlier this year, and Guangdong High People’s Court reports that Apple and Proview have reached an agreement that Apple will shell out a cool $60 million to close the case once and for all.
Apple originally purchased the iPad trademark from Proview back in 2009, but Proview said in court that the rights never officially transferred into Apple’s hands before the iPad launched in 2010.
Most of this is inside baseball, but everyone can rest assured that Apple hasn’t lost the right to use the name “iPad” in China. Proview originally wanted $400 million from Apple, but it looks like $60 million will have to do.
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.