Apple Settles iPad Trademark Suit in China for $60 Million (Report)
Electronics firm Proview claimed that a deal, in which Apple bought the rights to the iPad name, didn't cover China.
Apple has agreed to pay $60 million to settle an iPad trademark dispute with a Chinese electronics firm, the Wall Street Journal reported.
China is Apple's biggest market outside the U.S. in terms of revenue and one of the fastest-growing markets in the world. The settlement in the case, which highlighted intellectual property challenges for foreign companies in China, helps the tech giant avoid potential legal complications from selling the iPad there.
But the Journal said other court battles between Apple, led by CEO Tim Cook, and the electronics firm related to the iPad name remain unresolved so far.
Apple settled the dispute with Chinese electronics company Proview Technology out of court, with a court confirming the settlement, the Journal said.
Apple has said it bought rights to the iPad name from Proview under a 2009 agreement. But Proview argued its Chinese unit still owned the name rights in China. A Chinese court late last year sided with Proview, but Apple appealed that decision.
Proview claimed trademark infringement and called on customs offices in China to stop the import and export of iPads.
Apple officials weren't immediately available for comment on the settlement, the Journal said.