Apple has settled an ongoing trademark dispute with a Chinese company, paying out $60 million to achieve this according to reports.

Aside from the many patent battles taking place between Apple and companies like Motorola Mobility and Samsung in courtrooms around the world, Apple has been dealing with trademark issues in China. A company called Shenzhen Proview Technology was ruled to be the owners of the iPad trademark in that country, though Apple was under the impression that they had purchased the trademark, and the resulting legal action led to a temporary injunction against the sale of Apple devices in China.

Shenzhen Proview Technology was originally looking for $400 million from the Cupertino company but has settled on $60 million which will be used to pay the company’s debts.The Guangdong High People’s Court, where the case was being tried, said in a statement:

The iPad dispute resolution is ended. Apple Inc. has transferred $60 million to the account of the Guangdong High Court as requested in the mediation letter.

The resulting settlement “…is acceptable to both sides” according to a Proview legal representative but the company still fears that it may have to file for bankruptcy in a separate case.

Source: New York Times via Engadget