Freeney's lawyer, Jeffrey B. Isaacs, alleged in a statement that BofA, whose services he retained in 2010 to manage his finances, aided and abetted a "fraud scheme" that cost Freeney the entirety of the money in just two years.
"This entire scheme could not have succeeded without the substantial involvement and approval of BofA," said Issacs.
"It was a nightmare scenario: my client went to one of the nation's biggest banks and asked for its help managing his finances. And what did BofA do? BofA treated Dwight like a mark in (sic) con-game."
It is unclear why Freeney waited until 2015 to sue Bank of America or what the alleged fraudulent scheme entailed.
Freeney, a 13-year NFL veteran, spent all but two years of his career with the Indianapolis Colts. During the 2014 season he posted 3.5 sacks and seven tackles for the Chargers.
- Will Green