By Associated Press PUBLISHED: 00:27 EST, 2 July 2012 | UPDATED: 02:52 EST, 2 July 2012 Apple has agreed to pay a Chinese company $60million to settle a dispute over ownership of the iPad name. The announcement, which came on Monday, removed a potential obstacle to sales of the popular tablet computer in the key Chinese market. Apple Inc. says it bought the global rights to the iPad name from Shenzhen Proview Technology in 2009 but Chinese authorities say the rights in China were never transferred. Doing business: The announcement, which came on Monday, removed a potential obstacle to sales of the popular tablet in the key Chinese market
@highlight
Deal for right to use name in China
@highlight
Rights owned by local company Proview
Proview
A Chinese court ruled in December that @placeholder still owned the name in China and the company asked Chinese authorities to seize iPads.
iPad
iPad
The December court ruling said Proview, which registered the @placeholder trademark in China in 2001, was not bound by that sale, even though it was part of the same company.