David Boies, Gore's attorney, said in a statement that Al Jazeera America "wants to give itself a discount on the purchase price that was agreed to nearly two years ago." He said the suit was filed in Delaware Court of Chancery on Friday.
Al Jazeera America didn't immediately respond to a request for comment.
The Qatar-owned news channel took over Current TV's signal last August and hired a slew of U.S. TV news veterans like Soledad O'Brien and John Seigenthaler. It is available in nearly 60 million U.S. homes.
Gore and co-founder and former Current TV CEO Joel Hyatt each had 20 per cent stakes in Current, while Comcast Corp. had less than a 10 per cent stake. Another major investor in Current TV was supermarket magnate and entertainment industry investor Ron Burkle.