Broker Eric Kim is seeking $1 million along with $15,000 in commissions he said he is owed for handling Taylor's financial matters, The Miami Herald reported.
In a lawsuit Taylor filed last year, he claimed Kim had scammed him out of $275,000. The Herald said Kim denied any wrongdoing.
In his suit, Kim claimed Taylor had "begged" him to handle his finances because of a "history of colossal failures" in Taylor's investments.
Kim told TMZ.com he agreed to handle Taylor's finances and Taylor began making profits.
Kim said Taylor did not heed his advice to cash out and started "trashing" Kim and telling people Kim had stolen from him.
Raymond Robin, Taylor's attorney, said: "Kim's allegations that Jason was a colossal business failure or that Jason begged him to handle his investments are not only not relevant to any part of the case but completely untrue.
"Jason had a long and very successful NFL career and has been very successful with his business investments. ... Kim has clearly made the allegations and brought the whole counterclaim just to divert attention from his own misconduct."
Taylor and Kim had golfed and played poker together and Taylor invited Kim to watch him in the 2008 finale of ABC's "Dancing With the Stars," Kim told TMZ.com.