Published December 23, 2010
Stephen Baldwin has sued Kevin Costner over securities fraud and misrepresentation, claiming that the Dances with Wolves star tricked him into selling shares of a company that has technology to separate oil from water, according to The Hollywood Reporter.
In a lawsuit filed in Louisiana federal court with Spyridon Contogouris, Baldwin says that Costner and his business partners made a lucrative deal with BP for his oil-filtration system, then bought out Baldwin's and Contogouris' shares while keeping them in the dark about the sale to BP.
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In the suit, Baldwin says that in April he became a 10 percent partner in Costner's invention. A month later, Baldwin, Contogouris and others agreed to a joint venture called Ocean Therapies Solution to market the technology from Costner's company, CINC, to BP, the lawsuit says.
After disagreements, Baldwin says he and Contogouris sold their shares, unaware that CINC had just received an $18 million dollar deposit from BP. A day after the sale of their shares, BP purchased units of the CINC technology, totaling over $52 million in gross, the lawsuit says.
According to Baldwin, Costner and his associates misrepresented the status of a deal to sell the contraption to BP. He also claims that Costner duped him into selling his shares so Costner could reap a bigger profit.
Contogouris is seeking $10.64 million in damages, while Baldwin is seeking $3.8 million.
A rep for Costner had no comment.
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