BT settles multi-million spat with cost-cutting consultants
Still not clear how much was saved...
Posted in Telecoms, 19th February 2010 13:04 GMT
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BT has settled an £88m dispute with a consultancy it asked to find cost savings at its troubled Global Services division.
Telecoms consultancy Magenta netLogic, owned by Global Capacity, was suing BT for £88m for alleged breach of contract.
The consultants claim they were hired by BT to find savings at its troubled Global Services division. They were then due to be paid between 10 and 20 per cent of those savings.
Magenta asked for £80m in damages and £8.1m for unpaid invoices.
But a company filing with the Securities and Exchange Commission this week revealed the row is over.
The filing said a High Court hearing made an order which resulted in the amicable settlement of the disagreement.
It said: "The settlement order was agreed to by the parties and, as a result, all litigation between the parties has been terminated and all disputes between the parties have been successfully resolved." ®
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