Technology giant Apple settled a dispute over the ownership of the iPad trademark on Monday. Apple agreed to pay Chinese company Proview Technology $60 million USD, the Guangdong High People’s Court announced.

Shenzhen Proview said it registered the iPad trademark in 2000.

Apple claims that it had paid for the worldwide rights in 2009 from Proview’s Taiwanese affiliate.

However, the Chinese company said that its affiliate did not have the authority to sell the rights for China. A Chinese court upheld that claim in December, and ruled that Proview owned the ‘iPad’ name in China.

According to Chinese media Proview requested Chinese authorities to seize iPads before the new court mediation settlement.

Proview lawyer, Xie Xianghui, said the company had settled for $60 million USD due to ‘practical’ considerations and and to pay off company debts.

The Guangdong High Court now says the authorities overseeing trademarks has been asked to immediately recognise Apple’s rights to the iPad name.

Apple is now free to market its iPad in Mainland China, Apples’ fastest growing market.

Source from: NTDTV