The battle between Apple and the Chinese company, Proview, has finally reached its conclusion. According to a report by AP, Apple has agreed to pay Proview US$60 million to settle a spat relating to the ownership of the iPad trademark.
“The iPad dispute resolution is ended,” reads a statement by the Guangdong High People’s Court. “Apple Inc. has transferred $60 million to the account of the Guangdong High Court as requested in the mediation letter.”
The quarrel turned to a brawl in February this year when the Chinese court ordered a halt on iPad sales despite Apple’s protest that it bought the global rights to the iPad name from Proview in 2009.
Apple originally paid a sum of 35,000 British pounds (approximately US$55 000) to a Proview affiliate in Taiwan for the right to use the iPad trademark in various countries, but Chinese authorities ruled that Proview, which registered the iPad trademark in China in 2001, was not bound by that transaction, even though it was part of the same company.
Proview was hoping to get as much as US$400 million from the settlement, but needed to pay debts and decided to settle for less, said a lawyer for the company. Despite the cash infusion, Proview might still be declared bankrupt in a separate legal proceeding.
With the legal battle over, Chinese Apple fans should hopefully be getting their hands on the new iPad soon.