Apple Inc., the world’s most valuable company, paid $60
million to settle a two-year-old legal dispute with Proview International
Holdings Ltd. regarding the iPad trademark in China.
According to the good folks at Bloomberg the terms of the settlement agreement were reached on June
25 and Apple has transferred the funds as agreed, the Higher People’s Court of
Guangdong Province announced in a statement on its website today.
The iPad case had threatened sales of the second-best
selling product of Apple, which had $110.2 billion in cash and investments on
its balance sheet at the end of March, in its largest market outside the U.S.
Before the agreement, Proview had applied to Chinese customs to block shipments
of Apple’s iPad tablets in and out of China, and asked local retailers to stop
sales of the product…
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