Apple settles iPad trademark case in China

Apple (AAPL.NASDAQ) settled a dispute over the iPad trademark in China by paying a subsidiary of Proview Technology (0334.HKG) US$60 million in a court-mediated resolution, Reuters reported. Proview will use the US$60 million settlement to compensate its creditors, according to a source familiar with the matter. The settlement should hasten Apple’s long-delayed launch of the new iPad in mainland China. Proview had registered the iPad name in China in 2001 for its own product, which the company no longer makes. Apple and the Shenzhen unit of Proview have been in negotiations to settle the dispute since a preliminary court hearing in February. Proview had previously requested local authorities in dozens of cities to halt sales of iPads as the dispute dragged on, which likely contributed to the delays to the new iPad’s launch.