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