According to the terms of the settlement agreement on June 25, Apple Inc. had to pay Proview International Holdings Ltd. $60 million for the rights to use the iPad name in China.

The dispute between the two companies started in 2010 when Apple sued Proview Shenzhen claiming the iPad trademark ownership, which was obtained by the latter in 2001 for a device with touch-screen called IPAD (Internet Personal Access Device).

Roger Xie, attorney for Proview, said that the company hoped for a larger sum and that “Proview accepted the settlement amount because it’s under great pressure from creditors. Maybe this is the only choice.”

For today’s most popular and valuable company of the world $60 million means nothing. On the other hand, for Proview $60 million are not  enough to cover debts to creditors, reason for which the company was pressed to accept the settlement. “Many of our creditors cannot wait too long, so we believe it’s best for us to settle at this moment,” said founder Rowell Yang.

Source: Bloomberg

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