Apple Inc. settles its dispute with a Chinese company over the trademark of iPad in China for $60m (£38m).

A Chinese firm has claimed the rights of the name “iPad” as they have reported to registered the name in 2000. However, Apple had insisted that it had acquired the worldwide rights for the name in 2009. Apple had bought the global rights to the “iPad” from Pro-view’s Taiwanese affiliate for $55,000 (£35,000). But the Chinese firm altercates that its affiliated had no right to sell “iPad” name rights.

A court in Guangdong asked the both firms to reach settlement.

The Guangdong High People’s Court stated,” The iPad dispute resolution is ended.” Further added,”Apple Inc. has transferred $60m to the account of the Guangdong High Court as requested in the mediation letter.”