It looks like China will finally get the new iPad. According to a Chinese court ruling, Apple has agreed to pay PC maker Proview $60 million for the rights to the "iPad" name in China, Wired is reporting.
Proview Electronics, a Tawainese computer company, began suing Apple in 2010 for selling a tablet in China with the iPad name. Though Apple bought rights to the "iPad name" in Tawain, Proview Technology, a Proview Electronics subsidary still owned the name in China. In February of this year Proview asked Apple to pony up $1.6 billion and apologize for infringing on its trademark.
The two have settled on the much-lower $60 million figure, likely due to Proview's dire financial situation. According to Wired, the company is facing bankruptcy. We're sure Apple doesn't mind shelling out a few million to sell tablets in the world's most emerging economy.