A huge settlement offer has been requested by Proview for $400 million in order for Apple to secure the iPad trademark in China.
Apple is believed to have offered $16 million to Proview for the trademark, but was quickly counteracted with a hefty settlement for $400 million. The exact sums were not discussed during Apple’s offer earlier this week, but sources say that Proview’s creditors are the ones that have raised the settlement offer to its current amount of $400 million.
The creditors, eight of which happen to be Chinese banks, are responsible for leading the lawsuit against Apple. The iPad manufacturers claimed it has legally acquired the trademark from a Provision subsidiary in 2009. The Chinese company responded by saying that the subsidiary acted without the approval of its creditor, making the deal null.
Most recently, the talks have been described as “stalling” over the disparity of what Provision’s expectations are and what Apple has in mind for a fair settlement. Apple already managed to have the same case thrown away in the U.S., where Provision was asking for a settlement of up to $2 billion.