The Huffington Post writes today that Apple has finally come to a settlement in its legal dispute with Chinese company Shenzhen Proview Technology over the rights to the iPad name. Apple has always said that it had bought the rights to the iPad name from the Chinese company, but the Chinese courts have ruled that those rights in China were not transferred. The Guangdong High Peopleâ€™s Court made the following statement:
â€œThe iPad dispute resolution is ended. Apple Inc. has transferred $60 million to the account of the Guangdong High Court as requested in the mediation letter.â€
As the HP points out, China is a major market for Apple, its second largest behind the United States, so clearly Apple wanted this legal matter settled as soon as possible, as did Proview, which has heavy debts it needs to pay. Itâ€™s likely that the newest iPad will also soon be released in China now that the dispute is resolved.
Source: China court: Apple pays $60M to settle iPad case