Apple Inc.’s (NASDAQ: AAPL) iPad Trademark dispute has been finally resolved. The tech giant has settled the dispute for $60 million. Proview Technology, an almost bankrupt Chinese Company and a unit of Hong Kong listed Proview International Holding Limited, had disputed over an ownership of name which Apple uses it for globally acclaimed tablets.
Proview Technology had filed several lawsuits in China seeking immediate pullout of Apple’s tablets from retailer shelves alongside preventing the company from using iPad’s trademark on its products.
Proview had also filed a lawsuit against Apple in the U.S. back in mid February, alleging that company committed a fraud when it acquired the iPad trademark from Proview through U.K. subsidiary IP Application Development in 2009.
The Company stated that the manner in which Apple acted was “with oppression, fraud and/or malice” as it was never truly disclosed its intention of becoming eventual holder of the trademark.
In its defense, Apple argued that it acquired the rights to the name in 10 different countries and ultimately won a dismissal of the lawsuit on that basis.
Proview, however, disagreed with Apple’s contention, claiming that its subsidiary didn’t have the power to sell the trademark.
Since the emergence of the dispute, both companies had been involved in negotiations over the settlement amount over the rights. Apple earlier offered$16 million; but Proview declined it as it was looking for more compensation.
Currently, the tablet market is dominated by iPad, controlling more than 70 percent market share; however, Lenovo Group Ltd’s Lepads and Samsung Electronics Co Ltd’s Galaxy Tabs have been gaining grip in the fast growing market of China.
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