Swiss bank UBS is claiming losses of $686 million in relation to a failed collateralized debt obligation transaction from Highland Capital Management, according to media reports.

Papers filed in New York State Supreme Court allege that Highland and two affiliates “fraudulently induced” UBS to restructure the CDO in 2008.

The new filing is subsequent to one by UBS in February 2009; Highland Capital won dismissal in February of this year of one of three claims in the 2009 lawsuit.

UBS has also filed an amended complaint in that case.

An external spokeswoman for Highland Capital is reported as saying in an e-mailed statement: “We are disappointed that UBS has chosen to refile its baseless lawsuit against Highland Capital and the funds given the court’s previous dismissal of the suit’s central claim.”