In the case of Stephen Baldwin v. Kevin Costner, it only took the jury two hours to return with its verdict: Costner is not liable. The case revolved around a device sold to BP after the 2010 Gulf oil spill that would assist in the cleanup effort.

At stake in the suit: $17 million dollars Baldwin claimed in lost profits.

Baldwin sued Costner in December 2010, claiming Costner coerced him into selling the shares without disclosing the potential BP deal.

Costner denied that, saying Baldwin knew that the deal was on the table. Instead of waiting to see if the deal would go through, Baldwin cashed out.

Misleading a shareholder about potential profits or losses is an element of securities fraud, but it takes more than a showing of lost profits. Baldwin would have to prove that Costner misrepresented the BP deal and that those statements influenced Baldwin’s decision to sell.

Baldwin and Contogouris were urged not to sell Ocean Therapy Solutions CEO John Houghtaling testified. He tried to persuade them to stay with the company based on the likelihood of the BP deal.

In a case like this, with little hard evidence, the credibility of the witnesses is paramount. Baldwin’s attorney, James Cobb, said the jury was swayed by Costner’s greater celebrity rather than the facts.

That statement seems disingenuous, in light of some anecdotes the jury heard about Baldwin at trial. Baldwin threatened to expose information about Costner if he refused to settle, according to a BP contractor. 

Related Resources:

  • UPDATE 1-Kevin Costner wins lawsuit brought by Stephen Baldwin (Reuters)
  • Stephen Baldwin Sues Kevin Costner: ‘Robbed’ Me Over BP Oil Spill (FindLaw’s Celebrity Justice)
  • Baldwin accused of threatening to smear Costner (Associated Press)

You Don’t Have To Solve This on Your Own – Get a Lawyer’s Help

Civil Rights

Block on Trump’s Asylum Ban Upheld by Supreme Court

Criminal

Judges Can Release Secret Grand Jury Records

Politicians Can’t Block Voters on Facebook, Court Rules