Technology giant Apple settled a dispute over the ownership of the iPad trademark on Monday. Apple agreed to pay Chinese company Proview Technology $60 million USD, the Guangdong High People\u2019s Court announced.<\/p>\n
Shenzhen Proview said it registered the iPad trademark in 2000.<\/p>\n
Apple claims that it had paid for the worldwide rights in 2009 from Proview\u2019s Taiwanese affiliate.<\/p>\n
However, the Chinese company said that its affiliate did not have the authority to sell the rights for China. A Chinese court upheld that claim in December, and ruled that Proview owned the \u2018iPad\u2019 name in China.<\/p>\n
According to Chinese media Proview requested Chinese authorities to seize iPads before the new court mediation settlement.<\/p>\n
Proview lawyer, Xie Xianghui, said the company had settled for $60 million USD due to \u2018practical\u2019 considerations and and to pay off company debts.<\/p>\n
The Guangdong High Court now says the authorities overseeing trademarks has been asked to immediately recognise Apple’s rights to the iPad name.<\/p>\n
Apple is now free to market its iPad in Mainland China, Apples\u2019 fastest growing market.<\/p>\n