Apple has agreed to pay Chinese Company Shenzhen Proview Technology $60 million for the name “iPad,” The New York Times reports.
Apple has bought the iPad name in various countries from a Proview affiliate in Taiwan for $55,000 in 2009. However, a Chinese court ruled in December that Proview, which registered the iPad trademark in China back in 2001, still owns the name in China.
Proview had hoped to get as much as $400 million from Apple, but it agreed to settle for $60 million in order to pay its debts.
“The iPad dispute resolution is ended,” the Guangdong High People’s Court said in a statement, as Apple has already transferred the funds to the Court, apparently relieved that this issue is finally resolved.