Apple Money Chinese court demands Apple pays $60 million for iPad trademark

The legal battle for the "iPad" in China is finally over, and Apple is to pay Proview Technology $60 million.

The legal battle for the "iPad" in China is finally over, and Apple is to pay Proview Technology $60 million. 

Apple claimed that it had purchased the rights the iPad brand in 2009 from Proview Technology, but Chinese authorities said that transferred never happened.  The iPad is one of Apple's most important products, and China is one of the most lucrative markets.  So Apple has to swallow this $60 million bullet and move forward.

Two Apple stores were said to launch in China, one in Shenzhen and another in Chengdu, but were delayed possibly because of the Apple-Proview dispute.  

According to the Tech In Asia, the court proceedings ended July 25, but it was not until today that an official announcement was made.  Apple reportedly offered Proview Technology $16 million, but that sum was well short of Proview Technology's asking price of $400 million. 

Investors, creditors, and bankers have been keeping a sharp eye on Proview Technology since the trademark dispute began in 2010, and why not?  Proview just netted $60 million for the "iPad" name.