KUALA LUMPUR: Proton, Group Lotus, 1Malaysia Racing Team (1MRT), and its owner Tan Sri Tony Fernandes, announced that the legal dispute in the English Courts over branding has been settled.



The row was over the "Lotus" and "Team Lotus" brands that has since been settled earlier this month.



In a joint statement on Wednesday, they said the terms of the settlement were confidential.



The deal saw the Lotus brand reunited under the sole ownership of Group Lotus, it said.



"This includes the rights to the 'Lotus' and 'Team Lotus' names in Formula 1 motor racing," it said.



Group Lotus chief executive officer Dany Bahar said they could finally focus on looking forward to the future.



"We understand that this has been a very difficult and confusing time for the fans of the sport and the Lotus brand so we are glad to have reached a clear resolution on this important matter."



According to the statement, 1MRT would race in the 2012 Formula 1 season under the name Caterham F1 Team and will use a Caterham chassis.



"The deal also sees a working relationship established between the parties and they will work together on future projects in the automotive field," it said.



Meanwhile, Riad Asmat, group chief executice officer of Team Lotus said: "We are proud of what we have achieved by bringing the Team Lotus name back to Formula 1 when many tried and although we are sad to say goodbye to Team Lotus we are excited about owning our own future and being in control of our own destiny.



"Now we have no one to be compared to. We make our own history and we will remain green and yellow.



"Now we look forward to an exciting future racing under our new team name of Caterham F1 Team."