Apple is reportedly paying $60 million to Proview in order to keep the iPad name in China. The entire dispute seems to have come more from Proview’s debt rather than a desire to keep the iPad name for themselves.
Here’s a portion of the report from the New York Times:
Proview hoped for more money but felt pressure to settle because it needs to pay debts, said a lawyer for the company, Xie Xianghui. He said the company had hoped for as much as $400 million and might still be declared bankrupt in a separate legal proceeding despite the infusion of settlement money.
It’s reported that both sides are okay with the result, and Apple is said to have already transferred the $60 million to the Gaungdong High Court. At least this dispute will hopefully be put behind them. It’s important to note that China is one of Apple’s biggest markets, so it’s definitely important to them that the devices get sold there.
You can read the full report at the New York Times: Link
Read a bit of the history behind the Apple vs Proview trademark dispute here