|Citizens walk out of an Apple store in Shanghai, east China, July 2, 2012. Apple Inc. has agreed to pay 60 million U.S. dollars Proview technology (Shenzhen) based in China to settle the dispute over the iPad trademark, the Higher People's Court of Guangdong Province announced Monday. (Xinhua/Chen Fei)
GUANGZHOU, July 2 (Xinhua) -- A Chinese court on Monday said Apple Inc. has settled a lingering dispute with a local technology company concerning the use of the iPad trademark for the California-based tech giant's popular tablet computers in the Chinese mainland.
This development in the two-year legal tussle is seen by some market analysts as Apple's stepping stone for bringing its New iPad to eager Chinese consumers. The product is in the process of getting final approval from authorities, people familiar with the matter said.
Apple has paid 60 million U.S. dollars to Proview Technology (Shenzhen)for the trademark, the Higher People's Court of Guangdong Province said in a statement issued Monday. The State Administration for Industry and Commerce was asked to assist the transfer of the iPad trademark to Apple, the court said.
It said the settlement agreement went into effect on June 25.
"All parties involved have agreed on the settlement. Proview and Apple now no longer have a dispute over the iPad trademark," said Xie Xianghui, a lawyer for Proview Shenzhen, a debt-ridden manufacturer of computer screens and LED lights based in Shenzhen.
"We think the iPad trademark is worth more than the amount Apple will pay. It is not satisfactory, but it is acceptable," Xie said.
Proview Shenzhen had previously claimed that the Taipei subsidiary of its Hong Kong-based parent company, Proview International Holdings Limited, registered the iPad trademark in a number of countries and regions as early as 2000.