The businesswoman challenging Beyonce's trademark bid for her daughter's name Blue Ivy Carter has been accused of trying to score a $10 million (£7.1 million) payday to end the court battle.

The Formation hitmaker has been locked in a legal fight with Veronica Morales, owner of events planning firm Blue Ivy Company, for the past year after taking issue with the superstar's application for the rights to "Blue Ivy Carter", the name of her six-year-old daughter with JAY-Z.

In her filing with the U.S. Patent and Trademark Office, Beyonce explained she wanted to reserve the rights to the moniker in beauty, fashion, and electronics ventures, and to prevent others from cashing in on her eldest child's identity.

Morales objected to the move, insisting the name is too similar to her own business brand.

Lawyers for the two parties have recently been attempting to handle the dispute out of court, but Beyonce's representatives claim Morales is only trying to exploit the situation for her own financial benefit.

According to court paperwork obtained by The Blast, Morales and her lawyers used what was supposed to be a meeting about a potential settlement to present a "business proposal", suggesting Beyonce purchase her events planning company for millions in exchange for dropping the trademark challenge.

The plaintiff's counsel "gave a long speech" about how they could approach the dispute as an "opportunity for a business relationship rather than an adversarial proceeding", even putting together a Power Point presentation to outline their plan, reports the outlet.

Morales even suggested the two parties combine forces and "begin producing products and goods" under the Blue Ivy name, offering the bundle deal for $10 million.

The proposal was shut down by Beyonce's lawyers, and now they want Morales' team to submit all evidence of the sales pitch as part of the ongoing court case to prove their trademark challenge was only ever about cashing in on the celebrity link.