Apple (AAPL) Pays USD60 M To Settle China iPad Trademark Dispute

Consumer electronics giant Apple Inc (NASDAQ : AAPL) has agreed to pay $60m to a small time Chinese technology firm Proview Technology (Shenzhen), to settle a dispute over usage of 'iPad' name in China, thus drawing curtains on a legal battle that had been haggling the iPod, the iPhone and the iPad maker since long.

Apple had bought the global rights to the 'iPad' from Proview's Taiwanese affiliate for $55,000. However, Proview argued that its affiliate did not have the right to sell the 'ipad' trademark in China. The Chinese firm also contended that it got the 'ipad' name registered in China in 2000. The dispute moved to a higher court after  the Intermediate People's Court in Shenzhen sided with Proview.

The dispute was proving to be a major headache for Apple as it not only delayed the launch of new iPad in China, it also hampered sales as some Apple product were pulled off from the shelves following the lower court ruling.

China is one of the fastest-growing markets for Apple's products with second quarter sales likely to exceed $7.9 billion. Also, Apple's ipad is the undisputed leader of China's tablet market with more than 70 percent market share.

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