“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.
Related articles:
Apple settles China iPad trademark dispute for $60 million – July 2, 2012
Chinese company holding the iPad trademark in trouble, faces liquidation threat – June 21, 2012
Apple wins bid to bar Proview evidence in Hong Kong iPad trademark trial – May 22, 2012
Apple offers Proview $16 million settlement for iPad trademark in China, says source – May 10, 2012
California Judge throws out Proview lawsuit against Apple over iPad trademark – May 8, 2012
Apple pushing for settlement in iPad trademark dispute, says Proview lawyer – May 7, 2012
Chinese court seeks to mediate iPad trademark dispute; settlement ‘likely’ says Proview lawyer – April 24, 2012
Apple in court-recommended talks with Chinese iPad trademark challenger Proview – April 20, 2012
Apple pressures Beijing with iPad snub – April 17, 2012
Apple CEO Tim Cook meets with Vice Premier of China; Proview says ‘political public relations campaign’ – March 28, 2012
Apple: Proview is lying about iPad trademark in China to stave off creditors – March 22, 2012
Major creditor seeks liquidation of Chinese iPad trademark challenger Proview – March 5, 2012
Proview lawyer hopes Apple makes contact for iPad trademark settlement – March 1, 2012
China higher court hears Apple’s iPad trademark appeal – February 29, 2012
Apple iPad trademark case in Shanghai suspended; Proview injunction rejected – February 24, 2012
Proview files lawsuit in California against Apple over iPad trademark – February 24, 2012
Chinese court says Apple can continue selling iPads in Shanghai – February 23, 2012
Apple’s victory cost $60 million.
And they found just over that in the change in one of the couches in their lobby. The kooks suing Apple originally wanted billions.
I suspect that Apple’s law firm’s malpractice insurer will be contributing significantly to the $60mm.
unjust, but at least it’s resolved.
also, $60m isn’t a drop in the bucket to anyone.
It’s about half a day’s profit for Apple. The equivalent of a parking ticket for the average person – annoying but unimpactful.
It’s okay as long as they keep milking iHeads… they can pay for all fines they get!
Keep giving Apple all your money so they can waste it instead of saving it in your bank accounts..
FOOLS!
You sound like a very angry and jealous person, just go buy and iPad already.
Joel, slither on back to your MS site. Cretin!
What kind of idiot saves money in a bank account. If you have money you don’t need to spend invest it, and make some interest off it.
Retard.
Joel, you are a very sad, clueless little man.
We will just call you stupidfuck going forward!
Well Said! Apple might want to start paying it forward a la Bill Gates and others.
it’s enough to foster the production of another billion Chinese squatters…
That’s my main concern. But wanting to squat Apple and having the ability to do so are two different things. Apple did not just roll over on this, they fought it in multiple courts for months, or longer.
I wouldn’t call this a victory, but a relief. Sure it’s a drop in the bucket for them, but Apple should never have had to pay a cent. It would actually have been better for them to pay more if this could have ended sooner.
analysis FAIL.
This isn’t a victory for anyone but Proview’s creditors. Sometimes, sadly, extortion pays.
So what is this? Apple created the market for an item named “iPad” which was a gigantic FAIL for Proview and always would have been and Apple gets to pay $30 million per letter and it’s not enough for Proview who did nothing to create value with the name? A big fat juicy go-to-hell F**K YOU!!!!!
The perils of not doing all the due diligence. If one is working as a contract attorney for AAPL then one must assume the very worst of the other side in any negotiation.
Apple tried to be sneaky by aquireing the rights to the iPad name under a shell company (which is legal).
Proview tried to sneak around for a lot more money, AFTER they realized they had been scammed. Maybe they left the information out as a hedge.
Proview was not scammed. They sold the trademark willingly. They accepted the price they deemed just for what they were selling. It makes perfect sense for a rich entity to hide its identify to avoid being extorted. I remember a Saudi prince once saying in a documentary that if it was known that he was interested in something, the price would go up 100 fold. He always has someone buying stuff for his business, to avoid the “prince tax”
It’s called doing business in China. You have to be legally smart and witty. Nonetheless, Apple wins.
Apple wasn’t being sneaky. This is a common practice so as not to reveal what one is working on, as well as not being taken advantage of.
Should the name automatically be worth more if Apple was buying it versus if my small company was buying it?
And should they get even more money because I took the name and made it a brand? I don’t think so…
The ‘scam’ is entirely on the part of Proview and the Chinese so-called ‘justice system.’
Apple had signed, documented proof that they bought and owned the ‘iPad’ trademark in ‘China’, as clearly written on the contract.
In June of 2011 Apple WON a lawsuit in Hong Kong, the designated court in the contract for hearing disputes, proving they did indeed own the ‘iPad’ trademark in ‘China’, as clearly written on the contract.
Everything past June 2011 was nothing but scam from Proview and China: Criminal Nation.
I’m actually ashamed of Apple for giving in to this parasitic con-job. If this is how China: Criminal Nation is going to treat Apple, then why the hell does Apple give a rat’s about China? The rest of the entire world would be happy to have Apple’s business AND would treat Apple better than the worst nation on the planet, China: Criminal Nation.
Wake up China and throw off your sick, self-destructive culture and government. Join the real world of honest, decent humans.
(Why do China’s people put up with this crap? Why does Apple put up with this crap?)
Chicken feed for Apple, but a bad precedent nonetheless.
Agree. It sets a bad precedent and will only encourage the bottom feeders. The only saving grace is that the money won’t remain with ProView, but go to pay its debts.
It’s the same old story as kidnapping and terrorism:
You pay off the criminals for succeeding with the crime. And oh look, everyone wants in on the action…
BAD SHOW Apple. Expect rinse, repeat, rinse, repeat…
And then this happened:
Chinese Company Sues Apple Over Snow Leopard Trademark
Now it appears that news of the $60 million settlement paid by Apple to Proview over the iPad name may have inspired some China entities to jump on the litigation bandwagon.
Predictable much? Well DUH yeah! Apple is going to regret giving in to liar parasites Proview and the corrupt Chinese ‘justice’ system for quite some time to come.
This is China: Criminal Nation. 😛
60 million is NOT small amount of money.
Cash you buy things with is from net profits not gross revenue.
Amazon worldwide (with all it’s divisions from appliances to software to books) makes only about 200 m a quarter.
apple bought P.A Semi which builds the A series chips for iPhone, iPad for 278 m.
The iPad name bought from proviews Taiwan branch originally only cost 55,000.
Just because Apple makes a lot doesn’t mean it likes to burn through cash. Apple being able to afford 60 m does not mean the unscrupulous azzhats (with their friends in the local courts) didn’t screw Apple ,
a few years ago before iPad, would Apple have paid 60 m for a name? don’t think so. Cook is much more cautious with Apple’s money.
apple’s execs and lawyers made massive mistakes checking up on Chinese copyright law originally. They trusted Proviews slime boss (who owns both branches) too much. (Proviews boss had originally told apple taiwan’s contract covers everything and apple should pay Taiwan. Paying taiwan the 55,000 protected the money from reaching Proviews mainland China creditors).
(I’m a big apple fan, use all apple gear and have investments in appl but I can’t avoid being irritated that apple had to pay 60 m for a name they own).
Apple Wins iPad VICTORY in China
Yeah. How is it a ‘VICTORY’ when you are made to pay for something you ALREADY OWN?!
China Criminal Nation Parasites
Pthththth ;-P
Put it down to the cost of doing business in China, it was a shake down plain and simple. Now unleash the flood of iPads and reap the rewards.