(CN) - The Associated Press settled a copyright dispute on Thursday over the celebrated poster for President Barack Obama, which cast an image of Obama in the colors of the American flag and added the Obama logo and "hope" slogan.
Shepard Fairey admitted that his Obama image had been based on a photograph taken by an AP reporter.
that he did not use protected material to make the poster, which was ubiquitous during the campaign leading up to the 2008 presidential election, and that his art was allowed as fair use under the copyright law.
Fairey and the AP agreed to disagree, with neither party admitting any wrongdoing, and Fairey promising not to use another AP photo without a license, according to an AP press release.
The parties also announced plans to collaborate on future "Hope" posters, as well as projects using other AP photos.
Additional financial terms of the settlement are confidential.
The settlement concludes the lawsuit over the image's rights filed by Fairey and his companies Obey Giant Art, Obey Giant and Studio Number One. The AP's copyright action against Fairey's apparel company, Obey Clothing, "remains ongoing," the press release states.