Whats in a name? A lot apparently, with Apple forced to cough up $60 m to a Chinese company, who claims ownership to ‘iPad’ trademark name.

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Apple are to pay $60 million in settlement in iPad naming row in with a Chinese manufacturer, after Proview International Holdings sued the iPad maker, claiming they had rights to the trademark name pre dating 2010, when the tab was first launched.

A Taiwanese based subsidiary of Proview first sold the rights to ‘iPad’ name to a UK company, IP Applications, who then sold them to Apple for $55,000.

But later a Chinese court has now ruled the sale has no jurisdiction in China, forcing Apple to pull the name iPad for its cult 9.7″ tablet in that market.

The agreement was made through mediation on June 25 last, reports WSJ, after a court battle going on since last year.

Proview’s lawyer Ma DongxiaoW was reported as saying he was “happy ” with the outcome and even suggested Appel would make better use of the “iPad”name than the Asian giant.

“As we all know that Apple has made iPad such a big name, I don’t think that brand could do Proview a lot of good even if Proview won it.

“So this is a good solution for both sides.”

Read: Apple Lose iPad In China

China is now one of Apple biggest markets outside the US so this outcome could help it get a deeper foothold of the lucrative tablet market there.