The Atlanta Journal-Constitution said the legal action, filed Monday, names university president Michael Adams, athletics director Vince Dooley and former men's basketball coach Jim Harrick.
The lawsuit accuses the defendants of being aware Tony Cole, one of the accused athletes, had a history of sexual assaults before they recruited and then admitted him to the university in August 2001.
The school declined comment on the lawsuit, which seeks $10 million in compensatory damages and $15 million in punitive damages.
Trader Joe's: Car crashes into Long Island store, injuring 11
Reindeer recovered after escaping from Santa during lighting ceremony