Late last year, a Chinese court rejected Apple's iPad trademark infringement case toward Proview, after which Apple appealed in February, and now they've settled with the company who owned the iPad trademark in China, Proview.
Apple settled with Proview for the tidy sum of $60 million, reports the Associated Press. Apple ending up coughing the dough up to Proview for the rights to the "iPad" trademark in China.
The original talks earlier this year had Apple offering Proview $16 million to settle the case, but Proview were holding out for a $400 million settlement, as the company were looking to plug the holes in their business' looming bankruptcy problems. Proview can't complain, a settlement of $60 million is not bad at all.
Further Reading: Read and find more Business, Financial & Legal news at our Business, Financial & Legal news index page.