The lawsuit, filed by the Philadelphia Indemnity Insurance Co. against Andy House, alleges he intentionally sent the luxury vehicle into a Galveston pond in 2009 to collect on a $2.2 million insurance policy he had taken out just three weeks beforehand, ABC News reported Tuesday.
The company's lawsuit said the incident was filmed by witnesses and contradicts House's argument that he swerved to avoid hitting a pelican.
House filed a counter suit against the company, seeking the $2.2 million policy payout.
"We will not try our case in the media, but will rely on the facts and evidence admitted during the trial of the matter," a lawyer for House said.
The case is scheduled to go to trial this month.