The Velvet Underground and the Andy Warhol Foundation for the Visual Arts have settled a dispute over use of the band’s iconic cover for their first album, 1967’s The Velvet Underground and Nico.
The group, which disbanded in 1972, sued the Warhol estate back in January 2012 when it received word that the estate was planning on using the iconic banana image for iPhone cases, bags and other products.
Although Warhol created the image for the band, they claimed they owned the copyright to the image and it could not be used without their permission. The foundation, which frequently licenses Warhol's famous images for shirts and other products, disagreed.
According to Reuters, the two sides reached a settlement, court documents filed in New York Wednesday show. The financial terms were not released.
Had a deal not been struck, the trial would have started on July 29, notes The BBC.
The Velvet Underground and Nico is considered one of the greatest and most influential rock albums ever recorded, even though it was initially a flop in 1967. It has been preserved by the Library of Congress’ National Recording Registry.
image: Amazon