Today, The Guangdong High People’s Court has declared an end to the legal dispute between Apple and Proview after making the news of the settlement public, the Associated Press reported. The court had announced that Apple has reached an agreement with Proview to pay $60 million for the Chinese rights to the iPad trademark. The figure being paid is much higher than the $55,000 Apple claimed to have paid for the trademark in 2009.
In late 2010, Proview began publicly objecting to Apple’s use of the iPad name, with the situation escalating to a point where Proview demanded bans on the iPad in the country and asked for up to $2 billion in compensation. Earlier this year, Apple reportedly was willing to offer $16 million to settle the case. However, Proview was apparently holding out for a $400 million settlement that could save the company as it seeks to recover from bankruptcy.
$60 million may sound like a lot, and it is, but Apple should have no problem paying up due to there $100 billion+ in cash. In fact, Apple’s making $1,600 every second. See that, Appel just made another $1,600. Boom! Just like that.