Apple settles Chinese lawsuit over iPad brand name

Apple has settled the lawsuit over the iPad brand with the Chinese company ProView. That reports the Associated Press news agency. Apple pays ProView $60 million to use the brand name in China.

The $60 million, or about 47.5 million euros, is significantly less than the $1.17 billion in damages that ProView had wagered after winning the Chinese lawsuit over the brand name. Apple had to settle, because the trademarking organization in China assigned the name iPad to ProView.

Apple initially wanted to pay $ 16 million to ProView, but the amount has turned out higher after negotiations, the AP news agency reported based on a statement from the court. The dispute over the iPad brand name in China comes to an end.

While the amount may seem substantial, Apple will have little trouble paying it; the company has tens of billions in cash due to the large profits of recent years. ProView used the iPAD brand name in recent years to market PCs.