In December 2010, Baldwin and his friend Spyridon Contogouris filed a lawsuit in a Louisiana court 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. Baldwin said that Costner and his business partners made a lucrative deal with BP for his oil-filtration system and then bought out Baldwin's shares while keeping them in the dark about the sale to BP. Baldwin and Contogouris were seeking $17 million.
The jury deliberated for two hours Thursday before siding with Costner.
"My name means more to me than money and that's why we didn't settle," Costner said after the verdict.
Baldwin's attorney said, "We're disappointed. We thought we proved rather convincingly that these two guys, Mr. Costner and [his business partner, Patrick] Smith, defrauded us. ... The jury saw it a different way but we respect the jury's verdict."