Ford settles Ferrari lawsuit

(GMM) Ford on Friday called off its legal action against formula one team Ferrari. The American carmaker had filed the action after Ferrari called its 2011 car the F150, in tribute of the 150th anniversary of Italian unification. But F-150 is a trademarked model of Ford's famous series of full-size pickup trucks.

Ferrari has since renamed the 2011 car 'F150th Italia'.

Ford on Friday confirmed that it has filed a notice with the US District Court in Detroit for dismissal of the case.

"We are pleased we were able resolve this issue amicably," a Ford spokeswoman told the Detroit Free Press. "This resolution ensures that Ford's famous and distinctive F-150 trademark will be protected," she added.

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