According to the Associated Press, Apple and Chinese company Proview Technology have reached a settlement deal that involves Apple coughing up $60 million for the rights to the “iPad” trademark in China.
"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."
The Cupertino California company continued to hold ground as well, arguing that it acquired the Chinese rights to the iPad name in late 2009 as part of a deal with Proview’s Taiwanese arm. The deal, brokered by Apple dummy corporation IP Application Development, reportedly saw the rights to the name transferred in a number of markets around the globe for just $55,000. Here, Proview later claimed that the Chinese rights to the trademark were owned by its Chinese subsidiary and that the Taiwanese arm consequently could not have sold them to Apple. Regardless of the argument, a settlement has been reached with the issue finally being resolved.
Source: Associated Press