Consumer tech giant Apple is to pay US$60m to settle a dispute over who owns the iPad name with Chinese company Proview International Holdings Ltd, according to a court in China.
The two sides reached a settlement via mediation, an attorney for Proview International Holdings Ltd said, and a post on the official microblog account of the Guangdong High People’s Court confirmed that settlement had been reached, effective 25 June.
Proview had accused Apple of tricking it into selling the rights to the iPad name for less than it might have by setting up a company in the UK called IP Application Development Ltd (IPADL). Proview Technology had sold its rights for US$55,000 in 2009.
The company also claimed Apple said the trademark was "an abbreviation for the company name", BBC News Online had reported.
Proview then appealed to void the sale and stop Apple from using the iPad trademark, as well as seeking damages.
Apple maintained it purchased the worldwide rights from Proview and accused the company of dishonouring the terms of the agreement.