Apple has reportedly offered Proview Technology $16 million (R128.72 million) to settle an ongoing legal dispute between the two companies over the use of the iPad name. However, the offer was rejected for being too low.
Proview is instead seeking damages to the tune of $400 million (R3.22 billion), which it will use to appease creditors that have helped keep the cash-strapped company afloat during a difficult financial time.
Proview originally planned to sue Apple in the United States for $2 billion (R16.09 billion), but a Californian judge rejected the lawsuit, and encouraged the companies to reach a settlement.
Apple claims it licensed the trademark from Proview in 2009; however, the Chinese company claims the transaction was invalid due to a number of circumstances.
Read the full story at: Boy Genius Report.