The panel deliberated for less than two hours before delivering the verdict in the lawsuit brought by Baldwin and his friend, Spyridon Contogouris Their lawyer had asked the eight-member jury to award the plaintiffs more than $17 million in damages.
The jury gave them nothing.
Costner, who smiled and shook his attorney's hand after the verdict, said he was grateful for the opportunity to clear his name.
"My name means more to me than money and that's why we didn't settle," he said shortly after the verdict.
Costner also praised the jury for "doing their best to understand everything" in a complex case.
"They were really smart,