Apple Inc., formerly known as Apple Computer, said Monday that it has settled the lawsuit about its company name filed by Apple Corps, the record label founded by legendary British rock band the Beatles.

The U.S. computer maker and seller of iPod music players and the London music company agreed to settle the lingering trademark fight and let it be, company officials said.

Under the settlement announced Monday, the Cupertino, California-based company will own all of the trademarks related to "Apple" and will license certain of those trademarks back to Apple Corps.

The Beatles' music company had sued its technology namesake over the Apple name on its online iTunes music store, a move that it claimed violated a 1991 agreement between the two companies.

The two companies, which also agreed to end the lawsuit and pay their own legal costs, did not say how much Apple will pay for the licensing rights or whether Beatles songs will be sold through iTunes.

Apple Chief Executive Officer Steve Jobs said in a statement that the resolution of the lawsuit is in a positive manner and should remove the potential of further disagreements in the future.

"We love the Beatles, and it has been painful being at odds with them over these trademarks," he said.

The music label and the computer maker have been engaged in a lingering legal battle since late 1970s. A 1981 agreement allowed Apple Corps to use the logo for music and performances and Apple Computer for computers and software.

The deal even dictated that the music company could only use images of a whole and green apple, or cut in half, as its logo, while the computer make only uses a rainbow or multicolored apple on its products.

Another legal dispute arose one decade later when Apple introduced computers with digital music interfaces and software for composing and playing music.

Apple Corps balked and Apple ended up paying 26.5 million dollars under a 1991 settlement, which also revised how the computer company could use the trademark. Apple had argued that the 1991 agreement allows it to use the logo for products related to digital music.

Source: Xinhua