Apple Inc. agrees to pay $60million to Proview Technology to Settle Dispute

Ipad-3

Ipad-3

Apple Inc., termed as the most valuable company all over the world with regards to the New Gen technology has agreed to pay 60 million dollars to Proview Technology, a nearly bankrupt firm located in Shenzhen, China. By means of this payment, Apple Inc. has settled a legal dispute of nearly two years regarding the iPad trademark in the market of China. It was on June 25 that the terms and conditions for the settlement of this agreement had been reached. Apple has finally made the transfer of the funds according to the reports that have been announced on the website of the Higher People’s Court of Guangdong province.

The Lawsuit:

This ongoing lawsuit had not only delayed the launching of the new iPads but also hampered the sales in China. Before launching their iPads, Proview Technology had made requests to the Chinese authorities to clear the shelves of the re-sellers from all the iPads. This court mediated settlement will provide Apple with the chances of selling their well-known tablet PCs in the most favorable and renowned markets. According to Teck-Zhung Wong, an analyst living in Beijing and working for IDC, a technology research firm, this settlement has brought great news for Apple. They will now be able to concentrate properly on their business without being distracted. Apple would have suffered more losses had the launching of their iPads in the market of China delayed further.

Dual between Apple and Proview Technology:

There have been negotiations between Apple and Proview Technology in Shenzhen that is a unit of Proview International Holdings Ltd situated in Hong Kong to reach some settlement since February. It was in the month of February when the court had conducted an initial hearing after Apple’s appeal was ruled out by a lower court. According to Apple, the ownership of the trademark of iPad in different countries has already been bought by them from Proview who was at one time a global maker of monitors. On the other hand according to the Chinese based company, the US based Apple had dealt with only a single unit of Proview. Even a Chinese court had ruled the case in favor of Proview declaring that it was they owned who owned the name in China. Proview even tried unsuccessfully to sue Apple in the US in the month of May.

Proview’s View of the Lawsuit:

According to the local media, Proview had demanded as many as 10 billion Yuan that sums to $1.57 billion from Apple. Nevertheless, the deal was finalized at $60 million in the end the sum of which has to be paid through a court-designated account. This sum of money will be used to pay the creditors of Proview according to sources familiar with the situation. This settlement will bring in a new ray of light and hope to the nearly bankrupt Chinese firm that is bound by numerous creditors. This settlement fee is also favorable for Proview since the value of the brand was created by Apple and not by them even though they do own the trademark.

Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Recent Posts

Supply chain crisis bad news for automotive industry leaders

Supply chain crisis bad news for automotive industry leaders

The world’s biggest car companies are on track to lose production of 7.7 million vehicles in 2021. The forecast advices automakers on supply chain and other issues.
2 days ago
Scammers dupe Apple fans with free bitcoin lure

Scammers dupe Apple fans with free bitcoin lure

Savvy scammers used a fake event stream, a fake Apple website, and the promise of free bitcoin to lure fans into opening up their wallets.
3 days ago
Japan’s MUFG offloads Union Bank to U.S. Bancorp for $7.3 billion

Japan’s MUFG offloads Union Bank to U.S. Bancorp for $7.3 billion

The total amount of cash to be received as part of MUFG Union Bank’s sale to Bancorp is $7.3 billion (800 billion yen).
4 days ago
Evergrande: A black swan event that could spook markets

Evergrande: A black swan event that could spook markets

EverGrande is now known as the “world’s most indebted property developer” and serves as a symbol of corporate excess.
5 days ago
Moderna vaccine more effective than Pfizer, study says

Moderna vaccine more effective than Pfizer, study says

Moderna’s Covid-19 vaccine does a slightly better job of preventing coronavirus-related hospitalizations and emergency department visits.
7 days ago
iPhone 13 and iPhone 13 Pro: Specifications, Release Date, Features and much more

iPhone 13 and iPhone 13 Pro: Specifications, Release Date, Features and much more

Apple iPhone 13 Pro and iPhone 13 Pro Max can be a hit with its ever new technology A15 Bionic chip and other cool profound features.
1 week ago