Arbo Boy - Apple has agreed to pay Chinese Company Shenzhen Proview Technology $60 million for the name “iPad,” The ny Times reports.

Apple has bought the iPad name in numerous countries from a Proview affiliate in Taiwan for $55,000 in 2009. However, a Chinese court dominated in December that Proview, that registered the iPad trademark in China back in 2001, still owns the name in China.

Proview had hoped to urge the maximum amount as $400 million from Apple, however it agreed to accept $60 million so as to pay its debts.

“The iPad dispute resolution is ended,” the Guangdong High People’s Court said in a very statement, as Apple has already transferred the funds to the Court, apparently relieved that this issue is finally resolved.