Apple Pays $60 Million to Settle iPad Name Case in China

Apple has agreed to pay a Chinese company $60 million to settle a dispute over ownership of the iPad name, a court announce, removing a potential obstacle to sales of the popular tablet computer in the key Chinese market. Apple Inc. says it bought the global rights to the iPad name from Shenzhen Proview Technology in 2009 but Chinese authorities say the rights in China were never transferred. A Chinese court ruled in December that Proview still owned the name in China and the company asked Chinese authorities to seize iPads.

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