Highland Capital Management claimed in court that Citigroup is trying to remove it as the portfolio manager of a $900 million CLO so the bank can book profits from its discounted purchase of CLO debt from its own clients and investors, according to a report by Courthouse News Service, a nationwide news service for lawyers and the media.

Dallas-based Highland Capital Management on April 5 sued Citigroup, Babson Capital Management and Bank of New York Mellon Trust, in Dallas County Court.

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