The 26-year-old singer said in his complaint that Edwards forged paperwork giving himself Studdard's power of attorney between Aug. 1, 2003 and Nov. 30, 2004, Access Hollywood reported.
The singer also claimed Edwards used his credit cards to take $105,000 and had written checks for $150,000.
Edwards denied the allegations and has indicated Studdard owes him money. Edwards filed a petition for Chapter 7 bankruptcy June 17, the report said.
A lawyer for Studdard claimed that Edwards' bankruptcy filing is an effort to avoid giving a deposition in the lawsuit. Edwards' lawyer rejected that contention.