Apple pays through the nose for iPad name in China

Brings out the big bucks for naming dominance

Apple pays through the nose for iPad name in China

Apple has paid $60 million (around £38 million) to a Chinese firm to end a legal dispute surrounding the iPad name.

The launch and sales of the iPad in China have been affected by the lawsuit brought against Apple by Proview Technology, a firm which was on the brink of bankruptcy, claiming it still owned the iPad name in the country.

A Chinese court has now made Apple pay the $60 million settlement to Proview, meaning the Cupertino-based firm is now free to promote and sell its iPad products in China.

Pocket money

The court said: "Apple Inc has transferred $60m to the account of the Guangdong High Court as requested in the mediation letter."

Even though the settlement is a huge amount, it's not going to dent Apple's bank balance, with the firm managing to horde a cash reserve of over $100 billion (around £64 billion) in recent years.

However this isn't the first payout Apple has made surrounding the iPad, as an Australian court forced the firm to pay a fine of A$2.25m (around £1.46m) after false advertising surrounding the LTE capabilities of the new iPad.

From Reuters