02/07/2012 04:45 BST | Updated 31/08/2012 06:12 BST

Apple Pays $60m To Proview For Chinese Rights To iPad Name

Apple has paid a Chinese company $60m over a dispute about who owns the name 'iPad'

Court documents showed on Monday that Apple had agreed to the sum in order to remove the last potential roadblocks to freely selling the device in China.

"Apple Inc. has transferred $60 million to the account of the Guangdong High Court as requested in the mediation letter," said the High People's Court in Guangdong.

Apple had argued that it bought the rights to the name in 2009 from Shenzhen Proview Technology

Proview had registered the trademark in 2001 for its own 'Internet Personal Access Device' but Apple later paid roughly £35,000 for the name to a Proview affiliate in Taiwan.

But authorities in China claimed that Proview still owned the name.

The company later asked China to remove iPads from the shelves.

However it has now settled - for less money than it had hoped ford - in order to pay its debts.

Xie Xianghui, Proview's lawyer, said that the result was "acceptable to both sides" even though Proview had hoped for as much as $400m.