Actor Michael Douglas is set to star in a sequel to his 1987 hit movie, Wall Street, this September. His ex-wife Diandra Douglas has taken him back to court for a share of his income from the new movie, despite the fact that they were divorced ten years ago.

After a bitter public divorce, Diandra received a reported $45 million. She now her divorce settlement agreement provides that she gets half of any money Michael gets from any movies he did — including residuals, merchandising and ancillary rights — during their marriage. The former couple was married from 1977 to 2000. They were still together when he originally played Gordon Gekko in the original Wall Street. He received an Oscar for Best Actor for his work as Gekko, whose famous line was “Greed, for lack of a better word, is good.”

The sequel is slated to open in September and also stars Shia LaBeouf and Carey Mulligan.

Diandra’s lawyer, Nancy Chemtob, said the divorce agreement contained a clause that said her client is entitled to money from any “spinoffs” of Douglas’ movies, and that includes “Wall Street 2.” “It’s the same character, the same title, just years later,” Chemtob told Manhattan Supreme Court Justice Matthew Cooper.

Michael’s attorney argues that the movie is a sequel, not a spinoff, and that the two are inherently different. She also argues that the case should not have been filed in New York, but in California, where the parties were originally divorced. Chemtob responded that all parties now live in New York, making it the appropriate jurisdiction. Michael maintains that his domicile is actually in Bermuda and not in New York.

Chemtob has previously represented former talk show host Star Jones, fashion designer Tory Burch and, ironically, a large number of Wall Street billionaires. Michael Douglas is represented by attorney Marilyn Chinitz.

Library Topics: divorce, divorce settlement agreement