A federal jury released its ruling last Thursday that rejected the claims made by Stephen Baldwin against Kevin Costner and his business partner. Baldwin claimed that Costner and associate duped him out of millions of dollars from a BP contract that would utilize oil cleanup devices for the 2010 Gulf of Mexico spill.
The federal jury deliberated for less than two hours before it came out with the verdict in the lawsuit filed by Baldwin and his friend, Spyridon Contogouris. Their lawyer asked the jury to award the plaintiffs more than $17 million in damages but the eight member panel gave them nothing.
Costner was happy about the verdict and was grateful to the jury for clearing his name. He said that his name is more important to him than money and this was the reason why they didn’t settle. He also praised the jury for doing their best to understand everything in the complex case. He even described the jury members as smart and it was fortunate for him that they saw the truth behind the story.
Baldwin and Contogouris sold their shares in Ocean Therapy Solutions for $500,000 and $1.4 million, respectively. Baldwin testified that he would have held on his shares if he knew BP had an agreement with the company.
They wanted to collect $17 million in damages because it was the amount they estimate they would have received if they hadn’t sold their shares in Ocean Therapy Solutions, which sold the centrifuges to BP. The oil company made an $18 million deposit for the $52 million order.
Lawyers for Costner and Smith said that the plaintiffs knew that BP was already set to order the centrifuges when they sold their shares and walked out from the company instead of waiting for a more lucrative payout if BP signed a deal with the company. At the time they sold their shares, BP only signed a non-binding letter of intent with them.