Apple to pay $60 million

style="float: right; margin-bottom: 10px; font-weight: 600;"Sun 8th Jul, 2012

Guangzhou - In the dispute over the brand name iPad, the U.S. technology giant Apple Inc. is to pay 60 million U.S. dollars (48 million Euros) to Proview Technology (Shenzhen), the Higher People's Court of Guangdong Province announced Monday.
According to Xinhua, though Apple bought the rights to use the iPad trademark from Proview Taipei in 2009, Proview Shenzhen said it reserved the right to use the trademark it registered on the Chinese mainland in 2001. The two sides have since been entangled in a drawn-out legal battle.
Guangdong's higher court heard the case in February, as Apple and its proxy for the trademark purchase appealed a previous court ruling by the Shenzhen intermediate court in favor of Proview Shenzhen. In June, Proview Shenzhen was brought to court in a bankruptcy case. The sum in the Apple settlement is not enough for Proview Shenzhen to repay its debts, but experts say the trademark case settlement can help Apple seize huge market opportunities in China, Apple's second-largest market after the United States.
Source: Xinhua News Agency

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