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Apple ‘settles China iPad trademark dispute for $60m’

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Apple has agreed to pay $60m (£38m) to Chinese firm Proview to settle a dispute involving rights to the "iPad" name, a court in China has said.
Proview had claimed that it owned the rights to the iPad name in the Chinese market after registering it in 2000. However, Apple had insisted that it had acquired the worldwide rights for the name in 2009.
A court in Guangdong had asked the two firms to try to reach a settlement.
"The iPad dispute resolution is ended," the Guangdong High People`s Court said in a statement.
"Apple Inc. has transferred $60 million to the account of the Guangdong High Court as requested in the mediation letter."
Apple had bought the global rights to the "iPad" from Proview`s Taiwanese affiliate for $55,000 (£35,000).
However, the Chinese firm had argued that its affiliate did not have the rights to sell the rights for the China, one of the fastest-growing markets for Apple`s products.
The dispute between the two firms resulted in Apple`s iPads being being pulled off the shelves in some parts of China.
Proview had even sought a ban on the sales of the product in Shanghai as part of the dispute, a move that was rejected by the courts.
After the court announced the settlement on Monday, Proview said that even though the settlement amount was less than what it had expected, the firm agreed with the decision.
"This is a result that is acceptable to both sides,", Xie Xianghui the lawyer for Proview was quoted as saying by the Associated Press.