(MENAFN) China's Guangdong High People's Court announced that Apple Inc. has consented to pay USD60 million to Shenzhen Proview Technology to clear up a dispute over ownership of the iPad name, reported AP.
The court said that in 2009, the US computer giant purchased the global rights to the iPad name from the Chinese firm, however, the deal didn't include the transfer of the rights in China, and thus, Proview still owned the name in the country and asked Chinese authorities to seize iPads.
The dispute started when Apple purchased the rights in several countries from a Proview affiliate in Taiwan for USD55,000; nevertheless, in December, a court ruling said the Chinese company, which registered the iPad trademark in China in 2001, didn't have to conform to the sale, albeit it was part of the same company.
It is worth noting that settling the dispute will remove any possible obstacle to sales of Apple's iPad in the Chinese market, the company's second-largest market after the US.
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