"Money's the matter / If you're in it for love, you ain't gonna get too far," the song goes. "Oh, here she comes / Watch out, boy, she'll chew you up / Oh, here she comes / She's a maneater."
The singers' court papers claim Warner/Chappell Music Inc. breached its publishing contract with them by refusing "in bad faith" to sue for copyright infringement.
The singers seek unspecified money damages and want to terminate their agreement with Warner/Chappell.
Warner/Chappell spokeswoman Amanda Collins said Thursday the lawsuit was "completely without merit."
"We will defend ourselves vigorously," she said.
Hall and Oates started working together in the early 1970s and became the most successful duo in rock history, with more than 60 million albums sold, according to the hallandoates.com Web site. Their other hits include "Rich Girl," "Private Eyes," "I Can't Go for That (No Can Do)," "Sara Smile" and "She's Gone."