Apple Settles Trademark Dispute With Beatles

Apple (AAPL - Cramer's Take - Stockpickr) has settled its trademark dispute with Apple Corps, the record company of the Beatles.

Cupertino, Calif.-based Apple will now own all the Apple trademarks, and continue to use its name and logos on iTunes. Apple will license some of the trademarks back to Apple Corps.

Each side will pay its own legal costs. The terms of the settlement are confidential, the companies said.

This agreement replaces the companies' previous agreement, which was set in 1991. In July 2003, London-based Apple Corps filed a lawsuit against Apple, alleging the computer and iPod-maker had breached the 1991 contract. The complaint sought an injunction, unspecified damages, and other relief.

A London court ruled in Apple's favor in May 2006, and Apple Corps subsequently appealed the decision. The case was scheduled to be heard in late Feb. 2007, according to Apple's recent 10-Q filing.

"We love the Beatles, and it has been painful being at odds with them over these trademarks," Apple CEO Steve Jobs said in a statement. "It feels great to resolve this in a positive manner, and in a way that should remove the potential of further disagreements in the future."

Neil Aspinell, manager of Apple Corps, said he was happy to put the legal fight to rest and move forward.