Apple pays through the nose for iPad name in China
2nd Jul 2012 | 10:58
Brings out the big bucks for naming dominance
Apple has paid $60 million (around £38 million) to a Chinese firm to end a legal dispute surrounding the iPad name.
The launch and sales of the iPad in China have been affected by the lawsuit brought against Apple by Proview Technology, a firm which was on the brink of bankruptcy, claiming it still owned the iPad name in the country.
A Chinese court has now made Apple pay the $60 million settlement to Proview, meaning the Cupertino-based firm is now free to promote and sell its iPad products in China.
The court said: "Apple Inc has transferred $60m to the account of the Guangdong High Court as requested in the mediation letter."
Even though the settlement is a huge amount, it's not going to dent Apple's bank balance, with the firm managing to horde a cash reserve of over $100 billion (around £64 billion) in recent years.
However this isn't the first payout Apple has made surrounding the iPad, as an Australian court forced the firm to pay a fine of A$2.25m (around £1.46m) after false advertising surrounding the LTE capabilities of the new iPad.