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.
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Comments (10)
Comments are closed for this article.
0
justabrake - July 2, 2012 at 10:18am
LOL a company that was broke and on the way out gets NEW life from apple ! I would have changed the name myself, I don't think they could recoup that much money spent there. Who calls these shots ?
0
joyz - July 2, 2012 at 7:19am
Why o why did they pay up to them?
0
Guest - July 2, 2012 at 6:46am
Proview is a sleazy company! I hope they go bankrupt.
They will never get a penny from me.
Think they have a little more than $900,000,000.00. They have close to or more than 100 billion in cash.
0
Richard - July 2, 2012 at 12:34pm
You're great at maths
0
Adam Macks - July 3, 2012 at 3:01am
I wrote in $900,000,000. That's in US speak $900 billion.
I was taught at school though during the 1970's that in Great Britain (and Australia) the correct way of stating $1 billion was $1 million times by 1 million, which is therefore $1,000,000,000,000. These days, the world recognises this though internationally as $1 trillion.
So unless you're British, I agree, the first poster "Who Cares" is wrong at maths.
=P
PS. Either way $60 million wont put a hole in the alleged $900 billion Apple has in cash reserves.
0
Adam Macks - July 3, 2012 at 3:03am
Whoops, I see the error in my ways now - twice!!!!
$900 billion = $900,000,000,000.
Someone do it for me. Either way it wont even hurt Apple. They probably spend $60,000,000 for everyone's lunches every day.
0
Nitro Junkie - July 4, 2012 at 1:16am
They have 100-200 billion in cash. Nowhere near 900 billion.
0
Nitro Junkie - July 4, 2012 at 1:20am
But either way it's still a crazy amount of money and 60 million is pocket change to them.
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