Apple has shelled out $60 million to end a long-standing dispute with a Chinese company over the ownership of the iPad name.
On Monday, a Chinese court announced that the California-based company had reached a settlement with Shenzhen Proview Technology, which claimed to still own the name.
This agreement gives Apple the rights to the iPad name in the country and will end restrictions on the sale of its tablet computer to China’s lucrative market.
In 2009, Apple claimed to have brought the global rights to the “IPad” name from a Taiwanese company affiliated with Proview. Last year, a Chinese court rejected Apple’s claim, saying the name still belonged to the mainland company.
Apple appealed the Chinese court decision, referencing a Hong Kong court ruling that concluded that the same Taiwanese businessman controlled both Proview and the Taiwanese company.
Earlier this year, at the request of Proview, Chinese authorities in several cities, including the central city of Zhengzhou, seized iPads citing trademark violations in an attempt to force Apple to settle.
Proview is reportedly in deep financial trouble and was hoping to receive a large settlement to help pay off creditors. The company originally sought as much as $400 million from Apple.