China-based company IP Application Development is suing
Apple for $1.6 billion and an apology for alleged infringement on use of its trademarked iPad name, reports Apple Insider.Apple had initially bought the trademark from the company for $55,000, but the lawsuit maintains that the deal did not include rights to use the word "iPad" in China.Here's the thing -- Chinese courts have already found in favor of IP Application Development, but Apple is appealing the decision.Xiao Caiyuan, a lawyer for the company, believes Apple will lose the appeal and added, "We have prepared well for a long-term legal battle."Please follow SAI on Twitter and Facebook.Join the conversation about this story »See Also:For The First Time Ever, Smartphones Outsold PCs Last QuarterTHE APPLE INVESTOR: Apple Pushes To Become Third Largest Handset Maker In The WorldTHE APPLE INVESTOR: More Evidence That An Apple Television Is On Its Way
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