The two parties have come to an agreement over the iconic symbol from the artwork for 'The Velvet Underground And Nico'
The Velvet Underground and the Andy Warhol Foundation for the Visual Arts have settled their long-running dispute over the Warhol-designed iconic banana symbol used by the band on their 1967 album ‘The Velvet Underground And Nico’.
Last year a New York judge rejected part of a lawsuit brought by the The Velvet Underground against the Andy Warhol Foundation over the logo. In January 2012, the defunct 1960s band, formed by Lou Reed and John Cale, filed a lawsuit seeking to block its iconic Andy Warhol-designed banana being used on covers for iPads and iPhones after reports that they had agreed to license the design for a series of cases, sleeves and bags. A judge went on to rule that the band did not have a valid copyright claim.
The Velvet Underground however were able to continue pursuing the Foundation for trademark infringement. Yesterday (May 29), a New York federal judge dismissed the case after it was revealed that The Andy Warhol Foundation had stated that a confidential settlement had been reached out of court between the two parties, reports Billboard.
The band had claimed the banana design was synonymous with The Velvet Underground and demanded that Warhol’s estate stop licensing the image and pay them for past licensing. The Warhol Foundation responded by pointing to the fact that the Velvet Underground broke up in 1972 and that trademarks are only relevant if they are linked to an ongoing business.
In October of 2012 The Velvet Underground reissued the classic ‘The Velvet Underground And Nico’ album as part of a six-disc package on October 1 to celebrate its 45th anniversary.