China court: Apple pays $60M to settle iPad case

By Jahanzaib Bin Liaquat

Correspondent, SAM Daily Times

Apple has paid $60 million for settling a dispute in China for ownership of the iPad name. Apple bought the global rights to the iPad name from Proview in 2009 but Chinese authorities say the rights in China were never transferred. The Guangdong High People’s Court said,  Apple Inc. has transferred $60 million to the account of the Guangdong High Court as requested in the mediation letter.


China is Apple’s second-largest market after the United States and the source of much of the Cupertino, California-based company’s sales growth.

This settlement should be good news for both Apple and its customers because it clears a potential obstacle for the company to start selling the new iPad 3 in China. It is a good deal for Apple, because sales of iPads, which are in great demand, can compensate for this $60 million cost.

The only thing companies really should take form this case is - be careful when you do transactions, and be careful with your contracts. Be careful you’re doing it the right way or you could pay a lot for your mistakes.