Apple has taken a lot of heat over the use of the ‘4G’ term in the name of its latest iPad. While the tablet is indeed LTE-capable here in the States, it isn’t in most other places. And some folks found that misleading.

Perhaps its most public battle has been in Australia, where Apple has been getting sued by the Australian Competition and Consumer Commission over the moniker. But the headache appears to be almost over…

The Australian reports that the Cupertino company has agreed to pay $2.25 million in a settlement over the 4G iPad confusion. And although the presiding judge has yet to approve the payout, we imagine Apple is in good standings with the court.

Since the original complaint was filed earlier this year, Apple has been nothing but accommodating. Not only did it quickly change its advertisements to remove the ‘4G’ branding, but it also offered refunds to early iPad-purchasers that felt misled.

It’ll be interesting to see what the fallout in the rest of the world is, as Australia wasn’t the only country concerned with Apple’s ‘misleading’ advertising. $2.25 million isn’t chump change to the company, but multiply that by 10 or 15 countries and it starts to sting.

What do you think of the settlement? Fair deal?