Velvet Underground, Andy Warhol Foundation finally settle legal fight over banana

Just as the Arrested Development banana stand is touring the United States, another famous banana is making news. 

Velvet Underground, the 1960s indie band, has been in a not-so-hip fight with the Andy Warhol Foundation over legal rights to the image of a banana. Not any banana, but an iconic pop art banana that late pop artist Andy Warhol had designed for Velvet Underground when he was alive.

That banana image graced the cover of the band's popular album "The Velvet Underground & Nico," in 1967.

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But if Warhol designed the image for the Velvet Underground, then who gets the rights to it? The fighting started in January 2012, when the Warhol foundation made plans to license the banana design for Apple products, Reuters reported.

Velvet Underground tried to put a stop to that and sued the Warhol foundation for rights to the image. A trial was set to begin July 29.  

But now, the trial is off. The band instead agreed to settle the lawsuit, Bloomberg News reported today.  How much money? That's still a mystery. 

“The parties have reached a confidential agreement to settle the case,” Joshua Paul, a lawyer for the Warhol Foundation, said in a letter yesterday to the judge viewed by Bloomberg.