Apple (AAPL) Might Pay Up to $1.6B in iPad Trademark Suit
Tweet
Share
E-mailGet Alerts AAPL Hot Sheet
Join SI Premium – FREE
In other ridiculous news...
According to reports Tuesday, Apple (Nasdaq: AAPL) might be in hot water for using the iPad name in China. Though Apple acquired the rights to the iPad name from Proview Electronics in 2006 for a cool $55,000 via a shell company called IP Application Development, Proview is now saying the rights didn't include usage of the "iPad" name in China.
And the firm wants about $1.6 billion for the mistake.
Proview filed a lawsuit in China last year over the incident and demanded 10 billion yuan in reparations. Apple has since counter-sued Proview, saying it was the rightful owner of the "iPad" trademark. Proview got the favorable ruling in a Chinese court, but Apple has appealed the decision.
The lawyer for Proview, Xie Xianghu, said the court was ready to fine Apple 240 million yuan (about $38 million), according to AppleInsider, but Apple's appeal has delayed the decision. Proview has also filed separate suits against authorized retailers in local districts, AppleInsider noted.
Shares of Apple are indicated for a higher open.
According to reports Tuesday, Apple (Nasdaq: AAPL) might be in hot water for using the iPad name in China. Though Apple acquired the rights to the iPad name from Proview Electronics in 2006 for a cool $55,000 via a shell company called IP Application Development, Proview is now saying the rights didn't include usage of the "iPad" name in China.
And the firm wants about $1.6 billion for the mistake.
Proview filed a lawsuit in China last year over the incident and demanded 10 billion yuan in reparations. Apple has since counter-sued Proview, saying it was the rightful owner of the "iPad" trademark. Proview got the favorable ruling in a Chinese court, but Apple has appealed the decision.
The lawyer for Proview, Xie Xianghu, said the court was ready to fine Apple 240 million yuan (about $38 million), according to AppleInsider, but Apple's appeal has delayed the decision. Proview has also filed separate suits against authorized retailers in local districts, AppleInsider noted.
Shares of Apple are indicated for a higher open.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Apple Cuts Jobs in Siri, Vision Pro 3D Video and Gaming Teams - Bloomberg
- Asia Broadband drops civil suit without prejudice to reassess strategy
- Active options: AAPL NVDA TSLA SPCX AAPL MSTR INTC MRNA WMT AMZN
Create E-mail Alert Related Categories
Insiders' Blog, LitigationSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
