It’s been a topic of hot debate between Apple and Chinese company Proview Technology¬†as to who would eventually gain ownership over the “iPad” trademark in China. According to the Associated Press, Apple and Proview have reached a settlement agreement where Apple has agreed to pay $60 million for rights to the trademark.

In 2009 Apple said that it had bought the global rights to the iPad name from Shenzhen Proview Technology, but a Chinese court ruled that Proview was still the rightful owner of the name in China. Since then Proview began publicly objecting to Apple’s use of the term iPad in late 2010 and demanding bans on iPad sales in China and up to $2 billion in compensation at the time. Talks of a possible settlement between Proview and Apple began earlier this year, with Apple offering $16 million to settle the case. Not enough for Proview, the Chinese company requested $400 million in compensation. And now, Apple and Proview have settled on a sum of $60 million.

Proview is under a lot of pressure with needing to pay off debts, which explains why the company was hoping for a higher payout from Apple.

Despite Proview not getting more than it had hoped, both companies have reached a settlement they can agree on. Rights to the iPad name is critical for Apple as China is one of the top markets for Apple.

Source: Associated Press via ModMyi
Image Credit: BGR

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