Apple Pays Chinese Company $60 Million for 'iPad' Name

Stan Schroeder

Apple has agreed to pay Chinese Company Shenzhen Proview Technology $60 million for the name "iPad," The New York Times reports.

Apple 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.

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Proview had hoped to get as much as $400 million from Apple, but it agreed to settle for $60 million in order to pay its debts.

"The iPad dispute resolution is ended," the Guangdong High People's Court said in a statement, as Apple has already transferred the funds to the Court, apparently relieved that this issue is finally resolved.

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This story originally published on Mashable .