According to the lawsuit filed in ny state court on Wednesday, Bolling is seeking damages and injunctive relief from what he believes to be Ali's efforts at slander through "intentional and/or highly reckless publication of actionable false and misleading statements" about his behavior and demeanor.
According to the summons, Bolling has accused Ali of injuring his reputation through "the intentional and/or highly reckless publication of actionable false and misleading statements about [his] conduct and character".
Ali wrote on Twitter Wednesday that he has received a summons from Bolling, and says he stands by his reporting and will protect his sources.
After the suspension Monday, Bolling tweeted that he looks "forward to clearing my name asap" and on Wednesday called the allegations "false smear attacks".
Bolling and his attorney have ardently denied the allegations.
Bolling's lawyer said that "the anonymous, uncorroborated claims are untrue and terribly unfair".
Ali added in a follow up tweet: "It's important to note that Bolling's summons does not include HuffPost - he is coming after me personally".
Nevertheless, the summons targeted the reporter specifically, making no mention of HuffPost.
The lawsuit comes just days after Ali wrote an August 4 story for HuffPost claiming that more than a dozen sources told him Bolling sent "an unsolicited photo of male genitalia via text message to at least two colleagues at Fox Business and one colleague at Fox News".
Ali, a Huffpost freelancer who also writes for New York Magazine and Mother Jones, responded to the suit on Twitter.
"Not going to stop reporting on Eric Bolling or anyone else", Ali tweeted. "We stand by his reporting", a spokesperson for the website told BuzzFeed News.
"We have no hesitation about standing by him financially in this case". Ali is in a precarious position in that he is relying on unnamed sources and has promised to continue not to name them. The other two, she claims, were former Fox News host Bill O'Reilly and current consultant Woody Fraser.
Bolling was a former commodities trader who worked as an on-air personality for CNBC before joining Fox Business when it launched in 2007.