Apple has reportedly settled an "iPad" trademark dispute with Chinese based Shenzhen Proview Technology for $60 million. The settlement transfers the ownership of the trademark to Apple, putting an end to a legal battle that started in 2010.
Following numerous court cases and appeals from Apple, a statement released by the Court confirmed the news that an agreeable offer has been reached, saying "the 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."
The issue first surfaced in 2010, when Proview raised concerns that it was still the owner of the iPad trademark in China. For its part, Apple claimed that it owned the trademark after purchasing it from a Proview affiliate in Taiwain for a large sum.
China remains one of the last major countries not to have the iPad on sale, with the Proview debacle seen by many as being one of the remaining hurdles before Apple's hit tablet is released in the country.