Apple settled iPad trademark dispute in China for $ 60 million

American high-tech company Apple Inc. paid $ 60 million to Chinese company Proview Technology for the settlement of a long litigation on the rights of the iPad trademark in China.

Three years ago, Apple acquired the iPad trademark from one of Proview subsidiaries for $ 55 million, Proview has insisted that the deal is valid only outside of China and shall not affect the iPad brand in China. Proview demanded the authorities to withdraw the iPad Tablet from sales across the country and to prohibit the export and import of Apple’s tablet before the end of litigation.

To obtain rights to the brand iPad Apple has transferred $ 60 million to the account of the High Court of Guangdong Province, which later will pay the money to Proview.

After an agreement with Proview, Apple has got the right to implement the marketing of iPad tablet in China, which is Apple’s largest overseas market. At the end of 2011. the Chinese market accounted for more than 11% of Apple’s world revenue.

Since the launch of iPad in March 2010. more than 60 million tablets have been sold in China. The iPad is the most popular Tablet in the country.