In LINQ to XML, this is pretty straightforward:
var classToRemove = "highlights-tracker";
var xml = XDocument.Parse(svg);
var elements = doc.Descendants("path")
.Where(x => x.Attribute("class") != null &&
x.Attribute("class")
.Value.Split(' ')
.Contains(classToRemove));
// Remove all the elements which match the query
elements.Remove();
You should not use regular expressions to try to parse XML... XML is very well handled by existing APIs, and regular expressions are not an appropriate tool.
EDIT: If it's malformed (which you should have said to start with) you should try to work out why it's malformed and fix it before you try to do any other processing. There's really no excuse for XML being malformed these days... there are plenty of good XML APIs for just about every platform in existence.