“iPad”, the name that got handset magnate Apple and People’s Republic of China into an argument, is due to be settled with Apple’s agreement to pay $60 million. The firm can finally penetrate the Chinese market with its latest tablet.
Shenzen Proview Technology, a long-existing Chinese company, has claimed ownership of the “iPad” name since 2001 in the country; nine years before Apple’s first tablet launch. After a resolution has been raised to the Guangdong High People’s Court regarding the issue, both firms have finally arrived to an agreement in the form of mediation.
“The iPad dispute resolution is ended. Apple Inc. has transferred $60 million to the account of the Guangdong High Court as requested in the mediation letter,” stated a Guangdong High People’s Court spokesperson.
The settlement gave Apple its rights of the iPad name in the Middle Kingdom. This gives Apple the ability to dominate further with its already 70 percent hold of the tablet market in the country.
Beijing-based analyst Teck-Zhung Wong of technology research firm IDC told Reuters, “The settlement is great news for Apple. It just allows the company to get on with business and stop being distracted. The new Ipad has been so late to the China market that if they drag it out any longer, Apple will stand to lose quite a bit more.”
Apple is unavailable for comment at the time of writing.