Apple Inc.’s longstanding iPad trademark suit with bankrupt display maker Proview Technology Shenzhen Co. Ltd. was closed with a mediation agreement, The Guangdong High People's Court said on its Sina Weibo on Monday.

The iPad maker has paid $60 million to the court’s directed account, according to the court’s weibo posts.

Meanwhile, court verdicts and execution notice will be sent to the State Administration for Industry and Commerce Trademark Bureau for transferring iPad related trademarks to Apple.

In February, the Guangdong High People's Court began a public hearing on the iPad trademark dispute case between Proview and Apple, but has not yet delivered a verdict.

Proview claims it has registered and used the iPad trademark for more than a decade on the Chinese mainland.

But Apple claims it purchased the iPad trademark from Taiwan-based Proview Electronics in December 2009.