Apple Inc. has agreed to pay Shenzhen-based Proview Technology $60 million to settle their iPad trademark dispute, the Higher People's Court of Guangdong Province announced.
The settlement reached on June 25 paves way for the resumption of sale of Apple's iPad tablet in mainland China, the second biggest market of the iPhone maker after the U.S.
Proview Technology had sought the court's help to block the sale of the tablet in mainland China early this year claiming it owns the iPad brand. It asked Apple from $400 million to $3 billion for the right to use the name so the American firm can sell the product in the mainland.
Apple sued Proview last year alleging trademark infringement. It claimed ownership of the iPad name after buying it from Proview's Taiwan unit for $54,800 in 2009.
The Taiwan subsidiary registered iPad as its trademark in several countries, including China, in 2000, 10 years before Apple launched the iPad tablet.
However, Proview Shenzen said the right to use the trademark applies only to Hong Kong and Taiwan, not for the mainland.
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