MetLife Asks Court to Delay Ruling on Its 'Systemically Important' Label

By Ryan Tracy

MetLife Inc. on Monday asked an appeals court to delay ruling on a case involving federal oversight of the company pending a review by the Trump administration of the Financial Stability Oversight Council.

The insurer, in a filing with the U.S. Court of Appeals for the District of Columbia Circuit, asked for the case to be suspended while the administration conducts a 180-day review of the oversight council, a review that was announced Friday. The council designated MetLife as being a systemically important financial institution during the Obama administration, a label that brings stricter oversight, but the company persuaded a lower court to overturn the designation last year.

The Obama administration appealed, and the appellate court hasn't yet ruled. The Trump administration hasn't said whether it wants to continue to pursue the case.

In the filing, MetLife says a delay "will enable the new administration to determine whether any of FSOC's positions in this case should be reconsidered and whether it is appropriate for the government to continue pressing this appeal."

Write to Ryan Tracy at ryan.tracy@wsj.com

(END) Dow Jones Newswires

April 24, 2017 16:38 ET (20:38 GMT)

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