Apple is paying Taiwanese firm Proview $60 million for the “iPad” trademark in China. The case is now being closed as confirmed by a statement from 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,? said the Court.
Apple initially offered $16 million. Proview turned it down and asked for $400 million. Apple backed away, but eventually came back to the negotiating table. Apple has been dealing with the issue since 2010. Proview took its claim of ownership of the trademarked term to a Chinese court and Apple appealed that case. Proview claimed that Apple used a UK-based shell company to illegally obtain the trademark. When Proview asserted their trademark in China, several iPads were withdrawn from a number of stores across the country.
Apple products are demanded heavily in China. In 2011, China accounted for 11.5% of Apple’s global revenue and the company shipped 4.1 million tablets there last year according to IDC.