The Velvet Underground, a seminal underground rock band from the 1960s, recently filed a trademark and unfair competition lawsuit (link opens to a PDF) against the Andy Warhol Foundation for the Visual Arts. The Andy Warhol Foundation has been licensing an image, which Andy Warhol drew in 1966, for use on various products – the same banana image that was on the cover of the Velvet Underground’s first album, The Velvet Underground and Nico. The complaint by the band demands damages for trademark infringement and unfair competition and a declaratory judgment that states the Warhol Foundation does not have a…