The Associated Press tweeted a few minutes ago that a Chinese court says Apple will pay $60 million to Proview Technology over an ongoing dispute regarding the iPad name. A subsequent story said that the agreement was reached through mediation in Guangdong High People's Court.
A Chinese court in Shenzhen rejected the trademark infringement suit in December. Proview tried to sue Apple in California, but that suit was thrown out in early May. Around the same time, Apple offered Proview $16 million to settle the dispute. Proview balked, reportedly saying they wanted $400 million to settle its debts. This was down from $1.6 billion that an earlier profile on the company claimed.
Proview sold global rights to the iPad trademark to Apple in 2009, but never transferred the Chinese trademark. Proview has owned the naming rights to the iPad there since 2000.