Andre Yoskowitz
2 Jul 2012 0:50
Apple has agreed to pay Shenzhen Proview Technology $60 million to end a dispute over the ownership of the name "iPad."
The dispute, had it gone to a jury, could have possibly led to the tablet being blocked from sale in China, a key market for Apple.
Apple has long claimed they bought the global rights to the name "iPad" from Shenzhen in 2009 but Chinese authorities say the rights were never officially transferred over.
Last year, a Chinese court ruled that Shenzhen still owned the name, and they immediately asked Chinese authorities to seize iPads in the nation.
Apple had purchased the name in various regions from an affiliate of Shenzhen, which trademarked the name in 2001, for the measly sum of $55,000. The original court ruling said Proview was not bound by the sale.