Apple settles China iPad trademark dispute for $60m
APPLE Inc has paid $60m to Proview Technology (Shenzhen) to end a dispute over the iPad trademark in China that saw the world's most valuable technology company engaged in a protracted legal tussle with a near-bankrupt Chinese firm.
The announcement of the court-mediated settlement was made on the web site of the Higher People's Court of Guangdong province.
Apple and Proview Technology (Shenzhen), a unit of Hong Kong-listed Proview International Holdings Ltd, have been negotiating to reach a settlement since the Higher People's Court of Guangdong in February conducted a crucial hearing on the case.
The case moved to the high court after the Intermediate People's Court in Shenzhen rejected Apple's complaint against Proview Technology over the infringement case.
The lawsuit had hampered some sales and delayed the launch of the new iPad in China. Prior to the launch, Proview requested Chinese authorities in scores of Chinese cities to order re-sellers to take all iPads off their shelves.
The iPad dominates China's tablet PC market with a more than 70pc market share, though Lenovo Group Ltd's Lepads and Samsung Electronics Co Ltd's Galaxy Tabs have been gaining traction.
Apple is experiencing heady growth in Greater China - China, Hong Kong and Taiwan - with second-quarter sales in the region increasing several fold to $7.9bn.