Apple paid up in iPad trademark claim of China based Proview International Holdings Ltd. Apple pays hefty sum to make the problem go away.
Apple now has paid twice for the iPad trademark. Back in 2009 they already paid Proview for the iPad name. A couple month ago though, Proview's Chinese unit said that the deal did not include the Chinese iPad trademark rights. The Chinese market is extremely important for Apple and this issue was just a risk to get slowed down. $60 million is a big sum, but it makes sense for Apple to spend it to not risk an iPad sales ban in China.
Don't Miss: Find a Nintendo NES Classic in stock
More details on the Wall Street Journal.