GUANGZHOU, China, July 2 (UPI) -- A Chinese court confirmed a payment of $60 million from U.S. technology giant Apple that grants it the iPad trademark for China.
Apple had paid about $60,000 to a Chinese firm, Proview Technology, some years ago, The New York Times reported Monday.
The deal covered several Asian countries. But when the iPad was launched in China with great success, Proview sued, saying the agreement with Apple did not cover China.
Proview attorney Xie Xianghui said the two companies had reached an agreement and the court had approved it.
The Chinese company is close to liquidation. The $60 million will be used to pay off some of its creditors, the Times said.