Apple has paid a Chinese firm a sum of $60m to settle a clash over the iPad trademark.
The iPhone maker has been forced to pay Proview Technology the portly amount to end a dispute over which owed the name. Apple had bought the iPad name from Proview in numerous countries but not in China.
A court ruled that Proview still owned the iPad trademark in China after registering it in 2001. The settlement has been mediated by a court and allows Apple to sell its popular tablet in China, according to The Telegraph.
Teck-Zhung Wong, analyst at IDC said: "The settlement is great news for Apple. It just allows them to get on with business and stop being distracted. The new iPad has been so late to the China market that if they drag it any longer, Apple will stand to lose quite a bit more,"
The third generation iPad launched in the UK back in March.
The settlement fee is not bad for Proview, because although Proview owns the trademark, it was Apple, not Proview, who created the brand's value," said Chen Jihong, a Beijing-based intellectual property rights lawyer at Zhong Lun Law Firm.