Apple pays $60 million to settle iPad dispute in China

Apple Inc. (NASDAQ:AAPL) has paid a sum of $60 million to settle a dispute with Chinese electronics company Proview International Holdings Limited (HKG:0334). The settlement will now allow Apple Inc. (NASDAQ:AAPL) to sell iPad in Chinese market freely and without the fear of liability. Proview has been in shambles and on the verge of bankruptcy, and owes more than $60 million to various Chinese banks and desperately needed the money.

Proview Technology has been snubbing Apple's business since 2009, when Apple reportedly signed a settlement with Taiwanese arm of the company to buy the iPad...