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Highland Capital sued by investors of closed Crusader Fund

Investors of Highland Crusader Fund filed a lawsuit againstHighland Capital Management LP,alleging the company repeatedly delayed liquidating the remaining assets of thehedge fund it closed in October 2008, TheWall Street Journal reported.

The company did not sell much of the fund's assets foryears, "people familiar with the matter" told the Journal.

According to the lawsuit filed July 5 in Delaware ChanceryCourt, investors came to know about Highland Capital's alleged misconduct inApril. The suit is seeking to fire Highland Capital as manager for willfulmisconduct and gross negligence. The suit also requests that the court blockthe company from transferring the fund's assets or hampering its replacement asthe fund's manager.

Highland Capital plans to dispute the allegations, thereport said, citing a statement from the investment firm.