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

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News Summary: Apple pays $60M to settle iPad case
Submitted by Fox First at Ten on July 2nd

By The Associated Press
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.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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