v. Apple Inc.

The AP is reporting that Apple has agreed to pay a Chinese company $60 million dollars to settle a dispute over the ownership of the iPad name that has been a potential obstacle for sales of the tablet in China.

Apple had been arguing it bought the global rights to the iPad name from Shenzhen Proview Technology in 2009 but Chinese authorities say the rights in China were never transferred. A court in China had ruled that Proview stilled owned the name in China and the company asked Chinese authorities to seize iPads.

China is Apple’s second largest market and the source of much of Apple’s growth.

Proview had hoped for much more money but needs to pay debts.

According to the AP, “The dispute centered on whether Apple acquired the iPad name in China when it bought rights in various countries from a Proview affiliate in Taiwan for 35,000 British pounds ($55,000).

The December court ruling said Proview, which registered the iPad trademark in China in 2001, was not bound by that sale, even though it was part of the same company.”

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