Apple has agreed to pay $60 million to Shenzhen Proview Technology—a Chinese company—for the name ‘iPad’, The New York Times reported.
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, Mashable reported.
Proview agreed to settle for $60 million in order to pay its debts, however, it had hoped to get around $400 million from Apple.
“The iPad dispute resolution is ended,” the Guangdong High People’s Court said in a statement.
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