Lawsuit filed against ntl

Banking firm Morgan Stanley has filed a £7.1m lawsuit against cable giant ntl to recover "allegedly unpaid fees", The Times has reported.

The report says that Morgan Stanley is seeking to recover fees it says have gone unpaid since 1999; the firm was a strong partner with ntl while it sought financing arrangements to build out its network during the tech and telecoms boom of the late nineties. Morgan Stanley remains an adviser, albeit junior to Credit Suisse First Boston, in ntl's current massive debt restructuring process, out of which ntl is expected to emerge in the coming weeks.

The paper reports that ntl is considering contesting the claims.