Apple pays $60 million to settle China iPad trademark dispute

A Chinese court says Apple has agreed to pay a local company $60 million to settle a dispute over ownership of the iPad name.

[caption id=“attachment_363566” align=“alignleft” width=“380” caption=“Apple’s ownership of the name iPad had not been transferred in China”] [/caption]

The Guangdong High People’s Court said Monday that Apple and Proview Technology reached the settlement through mediation. The court said that ended the legal case.

Apple says it bought global rights to the iPad name from Proview in 2009 but Chinese authorities say ownership in China was never transferred.

The settlement ends a potential legal complication to selling the popular iPad in China, one of Apple’s most important markets.

Associated Press