iPhone News Desk
Apple Pays $60 Million for Chinese iPad Trademark
Proview, which is bankrupt and $400 million in debt to the Chinese banks, was supposedly angling for about $1.6 billion
By: Maureen O'Gara
Jul. 2, 2012 11:53 AM
Apple has agreed to pay $60 million to make the Proview Technology (Shenzhen) Company's claims that it owns the iPad trademark in China go away.
Apple bought Proview's iPad trademarks in 10 countries through a UK lawyer and a specially organized company for about $55,000 (£35,000) in 2009 before the iPad came out and sued when Proview claimed the Taiwan affiliate it dealt with wasn't authorized to sell the Chinese rights. Apple lost the suit and appealed.
The appeals court, which announced the settlement on its web site, reportedly mediated the deal, which, it said, was struck on June 25. The dickering took since the end of February.
Proview, which is bankrupt and $400 million in debt to the Chinese banks, was supposedly angling for about $1.6 billion. The settlement money will go directly to its impatient creditors via a court-designated account and Apple will presumably release the new iPad it's been holding back in China, its second largest market.
Proview tried to halt exports of the Chinese-made iPads and stop local retailers from selling the device. Some sales were affected and of course the new iPad wasn't released although Apple is still supposed to own 70% of the Chinese tablet market. An American suit by Proview was dismissed. A Hong Kong court agreed with Apple but its writ doesn't run outside the city.
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