Sport & Auto
- About Future
- Digital Future
- Cookies Policy
- Terms & Conditions
- Investor Relations
- Contact Future
It may be well short of the $400 million nearly bankrupt technology company Proview was hoping for, but it's sure better than the $55,000 they originally received for the Chinese trademark on the iPad.
Associated Press is reporting that Apple has settled with Proview, the Shenzhen, China-based company it purchased the iPad trademark from back in 2009 for a mere $55,000 through a shell company. Although Proview was hoping for a $400 million payout to settle the trademark spat, Apple wound up paying $60 million.
"The iPad dispute resolution is ended," the Guangdong High People's Court said in a statement. "Apple Inc. has transferred $60 million to the account of the Guangdong High Court as requested in the mediation letter."
Back in December, the Chinese court ruled that Proview did indeed still own the lucrative trademark to the iPad name in China, which has quickly become Apple's second-largest market after the United States. An Apple subsidiary purchased the Chinese trademark from a Taiwan-based affiliate of the failed consumer electronics company, but the court ultimately ruled Proview was not bound by that sale.
According to Proview attorney Xie Xianghui, the company was holding out hope for a $400 million payday in order to pay debts and avoid bankruptcy, but "felt pressure to settle" for less. Ironically, the company "might still be declared bankrupt in a separate legal proceeding despite the infusion of settlement money."
Follow this article’s author, J.R. Bookwalter on Twitter