Apple has paid $ 60 Mn to Proview Technology to end a dispute over the iPad trademark in China that saw the world’s most valuable technology company engaged in a messy legal tussle with a near bankrupt Chinese firm. The ban has dented some sales of the iPad in China as Proview had requested the Chinese authorities to help them take iPad off store shelves.
The court-mediated setllement will allow Apple to sell its popular tablet pc in its most important market. It has taken away the distraction from Apple and now they concentrate on selling their products. The New iPad has been delayed a lot and had this settlement not taken place it would have been a more expensive proposition for Apple Inc.
Apple had said it bought ownership of the iPad trademark from Proview in various markets, but the Chinese company, once a global monitor maker argued that Apple dealt with only unit of Proview. The iPad dominates China’s tablet market with almost 70% percent share, whereas products from Samsung , Lenovo have been gaining momentum. This settlement will help Apple concentrate more on their core business and increase their marke share.