Apple has once again secured the rights to the iPad name in China, after shelling out $60 million to Taiwanese company Proview to settle a lawsuit that was filed earlier this year.
According to a statement made by the Guangdong High People’s Court, “The iPad dispute resolution is ended, Apple Inc. has transferred $60 million to the account of the Guangdong High Court as requested in the mediation letter.”
Though Proview sold the rights to the iPad name several years ago, the company claimed the transaction was invalid in 2010, and went on to demand $400 million from Apple.
In an attempt to settle the issue, Apple counter offered $16 million dollars, which Proview refused, as it was in financial straights due to bad investments and had been forced to file bankruptcy. It needed every dollar it could get from Apple, and after months of negotiation, $60 million seems to be the magic number for both parties involved.
Because of the ongoing dispute in China, Apple has been unable to or unwilling to sell its newest iPad, released in March, in the country.
Now that a settlement has been reached, it won’t be long before the third generation iPad makes its way to store shelves, which is good news for both Apple’s wallet and Chinese citizens hoping to buy one of Apple’s tablets.