Apple will have to buy rights to the iPad brand in China for $ 60 million

Apple failed to defend iPad trademark rights in a Chinese court. In order to avoid difficulties with the sale of an apple tablet in the Chinese market, the company decided to pay $ 60 million to the current owner of the brand.

About the settlement of the dispute between Apple and the company Proview Technologies, a company representative in court Shi Shanhui sorry for the mat . At the same time, he clarified that the company was counting on a large amount of the payment - up to $ 400 million, although the current compensation can still be considered "acceptable to both parties."

The iPad brand was registered in 2000 by a Chinese company producing monitors. Before the announcement of the launch of the tablet Apple through a specially created company IP Application Development (IPAD), bought for a small amount of money the rights to a trademark around the world. Then the Chinese Proview agreed to sell the brand for £ 25,000. However, after the release of the iPad tablet, the Chinese firm stated that the rights to the iPad brand in China were not included in the transaction, since in this country the brand was registered with a Proview subsidiary. In December last year, a court in China confirmed that the transfer of Apple rights to the trademark was not implemented. Initially, Proview Technologies required $ 1.6 billion from Apple.