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Apple - $60 million for the iPad name
Posted by Tim on: Monday 2 July 2012

Trademark Settlement

Apple has agreed to pay a sum of $60 million dollars in China for the exclusive use of the iPad name in the region. This follows a battle with Shenzhen Proview Technology over use of the name for the best-selling tablet device.

Apple states the global rights to the iPad name were purchased from Proview in 2009 but Chinese officials claim they were never transferred and the company still owned the name in China.

Proview asked the Chinese courts to seize iPads in order for a settlement to be arranged with Apple.

"The iPad dispute resolution is ended," the Guangdong High People's Court said in a statement today. "AppleInc. has transferred $60 million to the account of the Guangdong High Court as requested in the mediation letter."

Apple had bought the global rights to the "iPad" from Proview's Taiwanese affiliate for $55,000 (35,000).

China is one of the biggest markets for Apple's products and demand for its gadgets so the deal was a sensible move for the California-based company.

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