Apple and Proview have been engaged in a lawsuit in China for a while over the iPad trademark which Proview previously sold to Apple, although Proview claimed that the sale did not include the rights to the iPad name in China.
We previously heard that Proview had turned down a settlement with Apple which was reported to be worth $16 million, and now it would appear the two companies have finally settled the lawsuit.
“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.”
Apple originally paid Proview $55,000 for the original iPad trademark, although Proview have always argued that this did not cover China, we suspect the $60 million is a little more than Apple wanted to pay originally but they certainly can afford it with their massive cash reserves.
Apple now offers two versions of the iPad, the iPad 2 and iPad 3, have a look at the difference between the iPad 2 and iPad 3.
Source Huffington Post
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