A federal appeals court has overturned the $10 million libel judgment that Florida banker Alan B. Levan won against the ABC television network in 1996.

Mr. Levan, chairman of BankAtlantic Corp. in Fort Lauderdale, was the subject of an investigative report on the network's "20/20" news magazine in 1991. The report, titled "Too Good to Be True," accused Mr. Levan of misleading investors who bought real estate-backed securities from him.

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