Abc Libel

ABC lost a libel suit today and has been ordered to pay ten million dollars in damages to a Florida banker. Alan Levan, chief executive of the Fort Lauderdale-based S&L, BankAtlantic, brought the suit after a 1991 segment on ABC's newsmagazine, "20/20" alleged he had engaged in fraudulent business transactions involving a real estate for bonds swap. Levan was later convicted in federal court, but a fraud verdict was erased in a settlement. His suit against ABC said the network had depicted him as a swindler and severely damaged his reputation. NPR's Brooke Gladstone reports.