The suit comes four months after the Hollywood mogul's career ended in disgrace over mushrooming allegations of sexual harassment, assault and rape levelled against the producer by more than 100 women.
State attorney general Eric Schneiderman said the lawsuit was filed in New York County Supreme Court and included new allegations about Weinstein's "vicious and exploitative mistreatment" of employees.
It accuses the company's board and executives of repeatedly failing to take adequate steps to protect staff or curb Weinstein's behavior, despite multiple complaints.
"Any sale of The Weinstein Company must ensure that victims will be compensated, employees will be protected going forward and that neither perpetrators nor enablers will be unjustly enriched."
Weinstein is reportedly in treatment for sex addiction and is separately under investigation by British and US police, although he has not been charged with any crime. He denies having non-consensual sex.
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