Apple has agreed to pay $60 million over ipad dispute in China, as a part of settlement with bankrupt display maker Proview Technology Shenzhen Co. Ltd.
The Guangdong High People’s Court announced the settlement today and the chinese authorities transferred the iPad trademark to Apple Inc.
The lawsuit delayed the launch in new iPad in China. Before the launch, Proview requested Chinese authorities in scores of Chinese cities to order re-sellers to take all iPads off their shelves.
Proview claims it has registered and used the iPad trademark for more than a decade on the Chinese mainland and also argued that the company had never officially sold the iPad trademarks to Apple. But Apple claims it purchased the iPad trademark from Taiwan-based Proview Electronics in December 2009.
“The settlement is great news for Apple. It just allows them to get on with business and stop being distracted. The new iPad has been so late to the China market that if they drag it any longer, Apple will stand to lose quite a bit more,” said Teck-Zhung Wong, a Beijing-based analyst with technology research firm IDC.