China is Showing Love to Apple & Co.
It took months for Apple (NASDAQ:AAPL) to settle its iPad dispute in what is one of its most important markets, and the Chinese government is hoping to make sure such a situation never arises again. China announced on Monday that it would change its laws to crack down on “malicious” trademark registrations that let local companies misuse more popular brands. The action follows complaints from several international companies and individuals, Reuters said.
Our 20-page proprietary analysis of Apple’s stock is ready. Click here to get your Cheat Sheet report now.
Proview’s lawsuit against Apple was only settled this year for $60 million and after months of litigation. The local company claimed it owned the trademark for the word “iPad” in China, forcing Apple to delay the launch of the third-generation of its tablet in the country. Then, Michael Jordan had to sue a Chinese sportswear company for using his name, while French brand Hermes International also filed a trademark complaint.
The rule change, which will allow companies to ban unauthorized use of similar logos and names even if they’re not officially registered as trademarks, will be discussed in the country’s legislature this week, Reuters added. China is trying hard to open its shore to international businesses and the proposed changes may help it attract more investment. The nation’s government has insisted it is serious about tackling intellectual property violations.
Don’t Miss: Will This Data Keep Apple Bears at Bay?