Apple Insider reports that a Chinese court announced on Monday that Apple had reached an agreement with Proview to pay $60 million for the Chinese rights to the iPad trademark.

The Guangdong High People's Court declared an end to the dispute between the two companies after making public the news of the settlement, the Associated Press reported on Sunday.

Though Apple will have no trouble paying the $60 million, the figure is a significantly higher price tag than the $55,000 that the company claimed it paid for the trademark in 2009. For its part, Proview had argued that the Chinese trademark hadn't been included in a deal to transfer other international rights because legal representatives from its Shenzhen affiliate weren't present when the contract was signed.

  Apple settles China iPad trademark dispute with Proview for $60 million