Stephen Baldwin has filed a lawsuit claiming that Kevin Costner duped him out of his fair share of money in an oil-spill cleanup business.
In the federal lawsuit filed Wednesday in New Orleans, the 44-year-old Usual Suspects star and his friend Spyridon Contogouris accuse Costner and his business partner of securities fraud and misrepresentation.
They accuse CINC (Costner in Nevada Corporation) of tricking them into selling the shares of the company that was marketing the technology. Baldwin had a 10 percent share and his friend around 28 in Ocean Therapy Solution (OTS), which manufactured a centrifugal device to separate oil from water that Costner had funded for years to research and develop.
They claim that Costner wrongfully led them to believe after the Gulf oil spill there was no interest in the technology. In the process, they lost a huge business opportunity which Costner made a killing in. Contogouris gave up his 28 percent share and Baldwin gave up his 10 percent share in OTS for about $2 million total.
Only later did Baldwin learn that the BP licensed the technology for $52 million to help clean up the Gulf Coast following last April's oil rig disaster, reports E! Online. They are now suing for securities fraud and misrepresentation. Contogouris claims $10.64 million in damages. Baldwin claims $3.8 million in damages.
Reps for Costner and Baldwin have reportedly declined to comment on the lawsuit.