Baldwin, 46, accused Costner of cheating him and his business partner in a deal to sell oil clean-up devices to British Petroleum after the Gulf of Mexico oil spill, reported CNN online.
The case was settled in front of a federal jury in Louisiana who, after two hours of deliberation, rejected Baldwin's claim for more than USD 17m in damages.
"The jury was doing their best to understand everything in a... Seemingly complicated issue. They were really smart," said Costner, adding, that it was "my good luck that they saw the truth of the story."
Following the case, Baldwin and his attorney issued a statement that outlined his disappointment at the jury's decision, but maintained that he respected the order.
