News Summary: Apple pays $60M to settle iPad case

Associated Press

Published: Monday, July 2 2012 10:59 a.m. MDT

SETTLEMENT: Apple has paid $60 million to settle a dispute in China over ownership of the iPad name.

SIGNIFICANCE: That removes a potential obstacle to sales of the popular tablet computer in the key Chinese market.

THE DISPUTE: Apple Inc. says it bought the global rights to the iPad name from Proview in 2009 but Chinese authorities say the rights in China were never transferred. A Chinese court ruled in December that Proview still owned the name in China.

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