“Apple settled for $60 million a lawsuit for the legal rights to use the iPad trademark in China, a provincial court said in a statement on Monday,” Emily Knapp reports for Wall St. Cheat Sheet. “‘It was done last week, and it was confirmed with a ruling by the higher court’ that was issued on Monday morning, said Xie Xianghui, a lawyer for Proview Technology (Shenzhen). It should take only a week or two for China’s national trademark authority to transfer the iPad trademark to Apple, said Xie.”

“Proview didn’t regard the settlement amount to be especially large, according to Xie, but the company is insolvent and close to liquidation, and the $60 million, a drop in the bucket for Apple, will be used to repay some of its creditors,” Knapp reports. “Greater China, including Hong Kong and Taiwan, is Apple’s second-biggest market after the United States.”

Read more in the full article here.

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