Apple has agreed to pay $60 million to electronics company Proview to continue using the iPad name in China.

The amount, which was far short of the as much as $2 billion that a Proview arm had asked for in a U.S. court, represents a tiny sum for the world’s most valuable company. Apple had a cash hoard of more than $110 billion as of March.

The Guangdong High People’s Court said the case had been settled and that Apple had transferred the money into the court’s account.

Proview, a Chinese electronics company, said that Apple misrepresented itself when it originally sought to buy the name before the iPad tablet’s 2007 launch.

Proview lawyer Xie Xianghui said in the report the outcome was “acceptable” to both parties, but the Chinese company had hoped for a settlement fee of up to USD $400 million which would help it stave off bankruptcy from a separate lawsuit.

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