Apple pays Chinese company $60m for iPad name

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

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.

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