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

Associated Press
FILE - In this Feb. 28, 2012 file photo, a man walks by an advertisement of Apple's iPad 2 in Shanghai, China.  Apple has agreed to pay China's Shenzhen Proview Technology $60 million to settle a dispute over ownership of the iPad name, a court announced Monday, July 2, 2012, removing a potential obstacle to sales of the popular tablet computer in the key Chinese market. (AP Photo/Eugene Hoshiko, File)
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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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