Stephen Baldwin Sues Kevin Costner

Kevin-CostnerStephen Baldwin is suing Kevin Costner over a business deal gone awry.

In a suit filed with the Louisiana District Court, Baldwin and a partner, Spyridon Contogouris, claimed that Costner duped them into selling their shares in a company that marketed a device that separates oil from water. The gadget was invented by Costner’s company, Costner in Nevada Corporation or CINC, and sold to BP following the Deepwater Horizon disaster through a Baldwin-Contogouris venture called Ocean Therapies Solutions (OTS).

According to the suit, Costner, who had previously sold his interest in CINC before OTS was formed, got involved in the project again when he testified in Congress about his technology several weeks after the Deepwater Horizon rig blew up. Baldwin and Contogouris, who owned a combined 38 percent of the OTS venture, said that Costner set up a meeting with BP without informing them. The meeting allegedly resulted in BP making a deposit of $18 million for the technology.

Baldwin and Contogouris, thinking that the venture was a failure, consequently sold their shares for a measly $2 million. BP later on purchased 32 units of the Gadget from Costner and his partners for at least $52 million, the suit said.

Baldwin and Contogouris now want around $14 million as compensation for charges of securities fraud and misrepresentation against Costner and his partners.