Apple Inc has paid $60 million to Proview Technology (Shenzhen) to end a dispute over the iPad trademark in China that saw the world’s most valuable technology company engaged in a protracted legal tussle with a near-bankrupt Chinese firm.
The lawsuit had hampered some sales and delayed the launch of the new iPad in China. “The settlement is great news for Apple. It just allows them to get on with business and stop being distracted. The new iPad has been so late to the China market that if they drag it any longer, Apple will stand to lose quite a bit more,” said Teck-Zhung Wong, a Beijing-based analyst with technology research firm IDC.
Apple had said it bought ownership of the iPad trademark in various countries from Proview, once a global monitor maker, but the Chinese company argued the US firm dealt with only one unit of Proview. A Chinese court ruled that Proview owned the name in China.Proview, which registered the iPad trademark in China in 2001, tried in May to sue Apple in the United States, but that case was thrown out.