Apple‘s (NASDAQ:AAPL) iPad trademark troubles in China are over.
The California-based technology company will pay $60 million to settle a lawsuit by Proview Technology, a small Chinese firm hovering on the edge of bankruptcy, over the use of the name iPad in China, Reuters notes.
Apple claimed it had purchased the rights to the iPad name from Proview’s Taiwan-based parent company, but the firm’s Chinese division claimed it hadn’t been compensated. Proview, which had registered the iPad trademark in China back in 2001, then tried to sue Apple in the U.S., but that suit was quickly dismissed.
Proview had demanded as much as $1.57 billion in damages.
The lawsuit postponed the launch of the iPad in China and engaged Apple in a long-running court dispute.
A lower court ruled in Proview’s favor, but Apple appealed to a higher court, which pressured the companies to settle the suit.
The settlement was announced by Higher People’s Court of Guangdong province. The money paid by Apple will be placed into a court-controlled account and used to pay Proview’s creditors.