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Published 11:19 21 May 2015 BST
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The model claims her reputation has suffered.
Cosby's attorney Martin Singer vehemently denied the allegations in a letter to reporters, branding them "false" and "outlandish."
Dickinson's lawsuit, which was filed on Wednesday in Los Angeles County Superior Court, seeks unspecified damages on defamation, false light and intentionally inflicted emotional distress.
The former America's Next Top Model star told CNN: "I want justice done. I want Lisa Bloom (her lawyer) to depose Bill Cosby, get him on the stand in front of a jury and let the law decide."
Bill Cosby denies any wrongdoing.
Dickinson's lawyer Lisa Bloom added: "Calling Dickinson a liar is a defamatory statement under the law ... and that's the mistake Bill Cosby made.
"It was too late for her to sue for rape or for drugging, but once his representatives called her a liar she had a fresh claim for defamation and that's the lawsuit that we filed today."
More than 20 women have accused Cosby of sexual misconduct, with the allegations spanning decades, however he has not been charged with any crime.
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