Apple seems to have got over its Chinese trademark trouble. The tech giant has settled the dispute over the ownership of the name if its hugely popular tablets for $60 million, says an Associated Press report.
Apple loses $60 million protecting iPad name in China
This settlement ends a legal wrangle that ran from the US to China. Proview filed several lawsuits in China to try to keep the iPad off store shelves and to stop Apple using the iPad trademark on its wares.
Proview also filed a suit against Apple in the US in February, to claim that Apple had committed fraud when it acquired the iPad TM from Proview through its UK subsidiary IP Application development back in 2009. Proview accused Apple of acting with “oppression, fraud and/or malice” for failing to disclose that it would become the eventual TM holder. Apple answered by saying it bought the rights to the name in ten different countries, and this was the basis upon which Apple won the dismissal.
Proview claimed that the UK subsidiary didn’t have the authority to sell the trademark and has apparently been asking to settle out of court on this issue. The two companies had been in negotiations over a settlement amount – Apple offered $16 million, but Proview were after much more.
In a counter claim, Apple accused Proview of “misleading” Chinese courts by tricking it into signing a carefully-worded agreement back in 2009 and this has raised questions over the trademark’s rightful owner in China.
While Proview was fighting Apple, it was also fighting to stay alive. Taiwan’s Fubon Insurance, in a bid to recoup millions in outstanding debt, filed a bankruptcy application against Proview in March, to have its assets liquidated.