Beijing: Apple Inc. has agreed to pay $60 million to Proview Technology (Shenzhen) to settle the dispute over the iPad trademark, a court announced Monday.
Apple has transferred the money to the account designated by the Guangdong higher court, and the intermediate court of Shenzhen Monday notified the state administration for industry and commerce to transfer iPad's trademark to Apple, the higher people's court of Guangdong province said.
The court said the settlement agreement went into effect June 25, reported Xinhua.
Proview Shenzhen, a Shenzhen-based maker of computer screens and LED lights, claimed it had the rights to use the iPad trademark commonly associated with Apple's popular tablet computer.
Proview says the Taipei subsidiary of its Hong Kong-based parent company, Proview International Holdings Limited, registered the iPad trademark in a number of countries and regions as early as 2000.