Apple Settles iPad Trademark Dispute With Proview for $60 Million
Apple has agreed to pay Proview $60 million to settle a dispute over the iPad trademark in China, reports the Associated Press.
"The iPad dispute resolution is ended," the Guangdong High People's Court said in a statement. "Apple Inc. has transferred $60 million to the account of the Guangdong High Court as requested in the mediation letter."
According to the Associated Press, Proview was looking for a larger sum but felt pressure to settle due to appease its creditors.
Proview hoped for more money but felt pressure to settle because it needs to pay debts, said a lawyer for the company, Xie Xianghui. He said the company had hoped for as much as $400 million and might still be declared bankrupt in a separate legal proceeding despite the infusion of settlement money.