He's in an interesting position. If he claims he's not a government asset, he should go to jail for his role on Jan 6. If he claims he was a government asset, he blows their narrative apart and risks getting suicided. Lose-lose.

Maybe he thinks by suing Fox that he can "prove" himself a hapless victim of conspiracy nuts with another inexplicable Fox settlement (a la Dominion). This could never go to court without him being forced into the aforementioned lose-lose dilemma.

Could be a money laundering scheme like the fox vs dominion suit. Ray wins in court, no one checks the details or the case is sealed, fox pays, and normies see the conspiracy theory as discredited.