Apple settles China iPad trademark dispute for $60 million
July 2 , 2012
Apple has agreed to pay $60 million to Chinese firm Proview to settle a dispute involving rights to the "iPad" name.
Proview had claimed that it owned the rights to the iPad name in the Chinese market after registering it in 2000.
However, Apple insists it acquired the worldwide rights for the name in 2009.
A court in Guangdong asked the two firms to try to reach a settlement.
Apple had bought the global rights to the "iPad" from Proview's Taiwanese affiliate for $55,000.
However, the Chinese firm argued its affiliate did not have the rights to sell the iPad name rights for China.