Apple pays 60 million dollars for iPad name in China
Apple Inc has paid 60 million dollars to a company in southern China to use the name iPad to sell the popular tablet computer in the country, a court and lawyer said Monday, DPA reported.
The funds had been transferred to Proview International Holdings Ltd, which holds the trademark in China, the Higher People's Court of Guangdong Province said.
The California-based manufacturer agreed to the settlement last week, after earlier losing a court battle for the Chinese rights to the name, Proview's lawyer Ma Dongziao told dpa.
Apple said it had bought the Chinese rights to the trademark in 2009 from an affiliated company in Taiwan, but the court upheld the argument that the Chinese branch of Proview was not part of the Taiwanese company at the time the deal was made.