Cage filed suit against his former business manager Samuel Levin last month (Oct09), alleging he had sent the star "down a path of financial ruin" by misleading him and overcharging for his services.
The accusations stem from a $6.26 million (£4.2 million) tax lien Cage has been handed by America's Internal Revenue Service (IRS), alleging he failed to pay income tax on wages dating back to 2007.
Cage is also facing other claims of unpaid tax related to his earnings between 2002 and 2004, while he was accused of defaulting on a $2 million (£1.3 million) loan in October (09).
American tabloid The National Enquirer falsely claimed Johnny Depp was stepping in to help Cage pay off his bills, before alleging Clooney had offered to take care of the troubled star's money woes.
But Clooney's spokesperson has shot down the reports, insisting the pair has only met once in passing in Italy.
The rep tells GossipCop.com, "George has met Nicolas Cage once in his life, and that was three or four years ago at the Venice Film Festival."