The Beatles Apple Corps Ltd has won a victory over Apple Inc for the use of the Apple name.
In what is suggested to be a $500 million settle to the Beatles company over 10 years, all legal action between the two companies will now cease.Apple Inc will now own all trademarks relating to Apple and license them to Apple Corps Ltd.
Neil Aspinall, manager of Apple Corps said in a statement, "It is great to put this dispute behind us and move on. The years ahead are going to be very exciting times for us. We wish Apple Inc. every success and look forward to many years of peaceful co-operation with them."
Steve Jobs, Apple's CEO said he was torn over the disagreement. "We love the Beatles, and it has been painful being at odds with them over these trademarks" he said. "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."
Although the terms of the agreement are confidential various reports out of the US today suggest that The Beatles have received a windfall of around $50 million a year for the next 10 years.
