iPad sign inside of Chinese Apple Store (Credit: Yahoo)

According to the Associated Press, Apple has ended their long-running iPad name dispute in China with Proview with a $60 million settlement. The ruling was made Monday by the Guangdong High People’s Court. While it got $60 million, Proview wanted even more:

Proview hoped for more money but felt pressure to settle because it needs to pay debts, said a lawyer for the company, Xie Xianghui. He said the company had hoped for as much as $400 million and might still be declared bankrupt in a separate legal proceeding despite the infusion of settlement money.

Apple had purchased the iPad name from Proview in 2009 under a shell company, but the use of the name iPad in China by Apple was ruled to never officially been granted. In February, Proview brought the lawsuit stateside, but a California judge ruled against Proview in the United States in early May.

This $60 million settlement is substantially more than the rumored $16 million offering from Apple. Even at $60 million, the fee is a small amount compared to what would occur – marketing and sales wise – if Apple were to actually lose the right to use the name “iPad” in China.

Apple has been moving quickly in China over the past couple of years, expanding iPad, iPhone, Mac and other product sales in the region while also rolling out updated software to better support the nation.

Apple’s upcoming update to the iPhone, iPad, and iPod touch, iOS 6, and update to Mac OS, OS X Mountain Lion, include the Chinese Web search service Baidu as a search option in Safari in addition to built-in support for Chinese social networks and Mail services.

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