Diandra Luker received a $45 million payout from the couple`s divorce in 2000, but she now claims she is entitled to 50 per cent of the earnings Michael makes from any spinoffs to his previous films.
The 65-year-old actor - who has been married to `Chicago` actress Catherine Zeta-Jones for 10 years - is said be furious with his former spouse`s suit.
Michael starred in the original `Wall Street` movie in 1987, and according to him, the new Oliver Stone movie is a "sequel", not a "spinoff".
However, Diandra`s lawyer Nancy Chemtob told Manhattan Supreme Court Justice Matthew Cooper last week: "It`s the same character, the same title, just years later."
Michael`s lawyer Marilyn Chinitz said: "They`re not the same thing.
"He doesn`t want her to be an albatross around his neck forever."
On 23.06.10, Justice Cooper told the lawyers he hasn`t yet come to a conclusion regarding the case and he will not until he decides whether it should go ahead in New York or be sent back to Santa Barbara, California, where the former couple divorced.