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Proview Trademark Suit Against Apple Fizzles To $60 Million Deal

The AP reports Apple has now settled a protracted trademark dispute with Chinese firm Proview over the iPad name for a mere $60 million. That’s just 8.5 hours of Apple’s profits at its current run rate, and is vastly reduced from the billions of dollars figures Proview had been talking about.

The AP reports Apple has now settled a protracted trademark dispute with Chinese firm Proview over the iPad name for a mere $60 million. That’s just 8.5 hours of Apple’s profits at its current run rate, and is vastly reduced from the billions of dollars figures Proview had been talking about. The dispute centered over some tricky legal maneuvering, with Apple claiming its subsidiary had acquired global access to the iPad trademark, including in China, from Proview prior to the iPad’s release–but Proview said it was an illegal purchase made via a subsidiary which had no rights over the name in China. Proview is in deep financial trouble, facing bankruptcy, and had recently been saying it hoped for up to $400 million in settlements from Apple. Apple is now free to sell the iPad in China, one of its fastest-growing markets, without worrying about the legality of the trademark.

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I'm covering the science/tech/generally-exciting-and-innovative beat for Fast Company. Follow me on Twitter, or Google+ and you'll hear tons of interesting stuff, I promise. I've also got a PhD, and worked in such roles as professional scientist and theater technician...thankfully avoiding jobs like bodyguard and chicken shed-cleaner (bonus points if you get that reference!)

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