U.S. District Judge Alan Gold has ruled that Bankruptcy Judge John K. Olson erred when he ordered a group of lenders to hand over $420 million in settlement payments from home-builder Tousa to the company’s creditors committee.

Gold sided decisively with the lenders in his 113-page ruling released Friday, citing “significant factual errors made by the bankruptcy court … which undermine [its] factual and legal conclusions.”

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