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UPDATE: Keith Olbermann Sues Current TV, Claims Network Owes Him $70 Million

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Keith Olbermann CloseTMZ just reported that embattled news host Keith Olbermann has filed a lawsuit against his former employer, Current TV, in Los Angeles County Superior Court. 

Olbermann was fired from the network last Friday, after he and Current TV founders Al Gore and Joel Hyatt failed to reach an agreement on the host's contract. Immediately after the news was announced, Olbermann blasted his former employers on Twitter, promising to take legal action and vaguely threatening to expose the "truth" about their ethics. 

We haven't been able to confirm TMZ's report yet, but will update when we learn more. 

UPDATE, 5:16 p.m.: 

The Hollywood Reporter has more, from unnamed sources:

"According to the complaint, filed Thursday afternoon in Los Angeles Superior Court by attorney Patty Glaser of LA's Glaser Weil firm, Olbermann was terminated without cause a year into his five-year, $50 million contract with the left-leaning TV network. We'll update soon with the specifics from the lawsuit."

A spokesperson at Glaser's law firm could not confirm the reports. 

UPDATE, 6:00 p.m.: 

TMZ has obtained a copy of Olbermann's lawsuit, in which the host slams his former employers and claims  that Current TV owes him "between approximately $50 million and $70 million." 

Unsurprisingly, the suit is heavy on the dramatics. Here's an excerpt:

"After being enticed to leave MSNBC and come to Current with promises of editorial control, freedom from corporate influence, and the professional support to produce high-caliber political commentary show of the type his viewers have come to expect, Keith Olbermann was disheartened to discover Al Gore, Joel Hyatt, and the management of Current are no more than dilettantes portraying entertainment industry executives." 

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