The U.S. technology giant Apple has agreed to pay $60 million to settle its trademark dispute with the Chinese company Proview Technology, registered in Shenzhen. The Higher People's Court of Guangdong Province announced the verdict on Monday.

Apple's settlement offer was made to gain back full possession of iPad's trademark, made effective last Monday. The dispute dated back to 2009 when Proview Shenzhen claimed it held the rights to use the trademark iPad name in China's mainland, even though Apple bought the rights from Proview Taipei in 2009.

Proview Shenzhen claimed the deal with Proview Taipei had no legal effect with Proview branch, which spawned the filing of various lawsuits across the country. Earlier this year, the courts in Shanghai and Hong Kong both favoured Apple in the case. But the verdict given by the court in Guangdong marked the the final settlement of the case.

(CNTV.cn July 2, 2012)