(UPDATE: Costner’s rep tells EW that the actor’s lawyers filed a Motion to Dismiss Feb. 1. According to his rep, “[The Motion states] that there are no allegations or claims even in the complaint itself that Costner did anything wrong or participated in any way in the decision by Baldwin and Contogouris to sell their interests in Ocean Therapy Solutions back to another member of that company or the repurchase of those interests.”) Stephen Baldwin is suing Kevin Costner for $3.8 million over a tiff involving oil-separating technology that the Waterworld actor pushed to help solve the BP oil spill in the Gulf of Mexico. A complaint filed in Louisiana District Court alleges that Baldwin and friend Spyridon Contogouris entered into a joint agreement to help market the technology – developed under the Costner in Nevada Corporation (CINC) – to BP following the spill. Court papers, however, claim Costner excluded them from a meeting with BP that resulted in an $18 million down payment for the CINC technology. After allegedly not being told of the meeting, Contogouris and Baldwin claim Costner used the $18 million to buy them out of the enterprise, forcing them to give up approximately $2 million of their shares one day prior to BP’s $52 million purchase of CINC technology. Contogouris is suing for $10.64 million; both plaintiffs are claiming securities fraud and misrepresentation.
Posted December 23 2010 — 1:21 PM EST
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