In the ongoing lawsuit with Proview over the ‘iPad’ name, the Associated Press now reports Apple has agreed to pay the Chinese company $60 million dollars to settle the case, therefore preventing sales of the tablet in China:
“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 Proviews lawyers, the company wanted as much as $400 million dollars from Apple but agreed to settle due to pressure to pay its existing debts.
It was earlier reported in May Apple bid $16 million to settle the suit, but Proview wanted more. The Chinese company felt it was fraud when Apple covertly acquired rights to the name 35 days before the iPad was announced on stage by Steve Jobs.
The $60 million may seem like a lot, but it’s a drop in the bucket compared to the billions of dollars in revenue the iPad generates. Looks like the creditors behind Proview, the Bank of China, just might get some of their owed money back, or not.
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Posted under: iPad News