The consumer electronics giant Apple has settled its iPad trademark dispute in China. They recovered the legal trademark ownership from the plaintiff, Proview International Holdings Ltd, with $60 million as settlement fees. A Chinese court has given the order to Apple recently. The news was first broken out by Associated Press (AP) through its official Twitter account.

The Chinese monitor manufacturer, once one of the biggest monitor manufacturers worldwide and now on the brink of being bankrupt, filed a lawsuit against Apple for $1.6 billion in damages. Proview was using the iPad trademark from198 in various products. In 2009 a company named IP Application Development, owned by a law firm serving Apple, acquired the iPad trademark from Proview for use in 10 different countries. It was, however, not disclosed to Proview that Apple Inc. would be the ultimate owner of the name.

Upon realizing the deceit, Proview filed lawsuits in USA and China for damages caused by concealing valuable information during the deal. The monitor maker claimed that IP Application Development didn’t have the right to sell the trademark to any other party.

Apple has offered to Proview for negotiating over a settlement amount and over the rights for $16M, but the company has demanded much more.

Source: CNET

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