Reuters informs that Apple has finally ended the long time battle with the Chinese company, Proview Technology. The court ruling constrains Apple to pay $60 million to settle the dispute for iPad’s trademark in the Chinese territory.
Apple is free to sell its devices on the Chinese market as the company has finally reached an agreement with Proview Technology. The two enterprises have been battling each other in court because Proview accused Apple of stealing the iPad trademark from them. As a consequence, Proview prohibited a series of stores from China to commercialize the products of the North-American firm.
On Monday, however, the dispute was finally concluded. The Higher People’s Court of Guangdong province decided to allow Apple to sell its devices in China, one of their most important markets at present. Before they do this, however, the smartphone maker will have to give Proview $60 million as a compensation for iPad’s trademark.
Despite the big sum of money that Apple has to pay, analysts think the settlement was fair. In their opinion, the American company will register large amounts of revenue due to the fact that they will now be able to sell their products on the Chinese market.
Apple and Proview have been negotiating since February 2012. The iPad maker claims they have obtained the right to use this name for their tablet by signing a deal with Proview. The Chinese company, on the other hand, told the press that Apple only dealt with one of their units. Thus, the name, iPad, belonged to Proview and Apple had no rights to use it. The American firm made no comments in relation to this declaration.
Proview initially requested a much bigger sum of money. They requested Apple to give them $1.57 billion for the right to use iPad’s trademark, but the court reached the conclusion that $60 million was enough. Lawyers also explained that the settlement fee is correct because Proview may have invented the name, but it was Apple that made it popular.