They are known as the "Englewood Four." The men were teenagers at the time they were arrested and confessed to the crime, but say they were coerced.
All spent at least 15 years in prison.
Last year, a judge vacated their convictions after a DNA test linked another man to the crime.
The lawsuit alleges that police ignored evidence and instead pursued the Englewood Four, Michael Saunders, Harold Richardson, Vincent Thames and Terrill Swift.
Swift spoke to reporters Thursday about the years he spent in prison.
"What did i lose? My youth," said Swift. "I lost the opportunity to do something with my life."
A spokesperson said the city hasn't seen the lawsuit and cannot comment.
