Apple have paid out $60 million for ownership of the iPad trademark in China. This is part of a settlement with a Chinese firm called Proview who have tried to ban sales of the tablet.
The Guangdong Province Higher People’s Court have announced the settlement today, saying that the legal battle has now been settled. The payment to Proview allows Apple the full ownership of the ‘IPAD’ tradement in China.
Proview called Apple on using the iPad trademark in China. Apple claimed they had bought the iPad trademarks for China from Proview in 2009. Proview said they never offically sold the iPad trademarks to Apple. They filed complaints and lawsuits demanding local authorities to stop selling the tablet due to copyright infringement.
The Guangdong court were going to rule on the case, but Apple decided to settle out of court. Analysts claim that the iPad 3 has yet to be sold in China, hinting that the legal dispute over the trademark was behind the reason for the slow release.
Kitguru says: Proview are set to face bankruptcy however as they owe out as much as $180 million to eight banks who have taken over their assets. They wanted $400 million in settlement from Apple in order to clear their debts.