Stephen Baldwin suing Kevin Costner
Stephen Baldwin is suing Kevin Costner, claiming securities fraud and misrepresentation over a business deal gone bad.
Actor Stephen Baldwin is suing Kevin Costner and his business partners for allegedly defrauding him out of millions of dollars after "tricking" him into selling his shares of an oil-filtration company.
Kevin Costner went before Congress after the BP oil spill that devastated the Gulf of Mexico last spring to recommend a technology billed as being able to clean up the mess by separating the oil from water.
In court documents, Baldwin claims he became a ten-percent partner in the invention -- then, a month later, he agreed to start a separate joint venture to market the product. After various business disagreements, Baldwin says he sold his shares back to Costner.
What's the big problem? Baldwin says at the time he sold his shares, Costner neglected to inform him that he had just made a $52 million deal with BP. Oopsie!
Stephen says he was "effectively robbed" of the profits, and that Costner and his team "schemed" to defraud him and take off with the dough.
Baldwin wants $3.8 million in damages, while his co-complaintant Spyridon Contogouris is asking for $10.64 million.
Kevin Costner had no comment.