The lawsuit was filed Monday in Oklahoma County District Court, the second anniversary of the accident, said Charlie Price, a spokesman for the attorney general.
North Bay Charter LLC of Reno, Nev., which owned the plane, and the estate of pilot Denver Mills were listed as defendants in the lawsuit, which Price said was filed to beat the statute of limitations involving possible legal action on the accident.
Oklahoma City attorney Charles Moser said the lawsuit could help the five remaining families suing United States Aviation Insurance Group for compensation for their lost family members.
"We are hoping that it does not hurt us, but we also see the advantage of the state and OSU getting involved," said Moser, who represents the families of former student athletes Nate Fleming and Daniel Lawson Jr.
Four families have reached settlements, including one for more than $3 million.
Price told the Tulsa World that the district court "could very likely" combine the attorney general's case with the case of the remaining families.
"The lawsuit preserves the state's legal options for the future," he said.
Ten men associated with the OSU men's basketball team were killed Jan. 27, 2001, in a plane crash near Strasburg, Colo.