Apple pays $60m for iPad name in China Shortly after the iPad launched, Proview demanded a fee of more than £1bn for its IPAD trademark. It stepped up the pressure in the run up to the launch of the iPad 3, expected in the next few months, by calling on Chinese authorities to seize Apple's iPads. However, Shenzhen Proview yesterday reached a settlement with Apple, accepting a much lower payout than the one it had been angling for in order to help it pay its debts, the firm's lawyer, Xie Xianghui, said. Proview is understood to owe around $400m. Apple and Proview have been negotiating a settlement since February, with mediation by the Higher People's Court of Guandong. Whilst the $60m payment would put a hole in most companies" balance sheet, it is small fry to Apple which told investors earlier this year that it has more cash on its books than it knows what to do with. In February, the company had $97.6bn in cash - a figure which had grown by nearly two thirds in just one year. The settlement is also likely to buoy confidence in China's respect for intellectual copyright and the robustness of the country's trademark system. Apple did not comment on the agreement but a lawyer for Proview said it was a straightforward "transaction."