Court Drops Government's Appeal of MetLife Case
January 23 2018 - 4:44PM
Dow Jones News
By Lalita Clozel
WASHINGTON -- A federal appeals court on Tuesday dismissed a
case involving MetLife Inc.'s designation as a "systemically
important financial institution," the last step in the insurer's
path to shedding the label.
The move by a panel of judges on the U.S. Court of Appeals for
the District of Columbia Circuit came in response to the Trump
administration's decision last week to end the government's appeal
of the case.
MetLife was designated as "systemically important" in 2014 by
the Financial Stability Oversight Council, a body that includes the
heads of financial regulatory agencies and an independent member
representing the insurance industry.
The insurer challenged the label in court and won in early 2016,
when U.S. District Judge Rosemary Collyer ordered the label to be
rescinded. The oversight council had appealed Judge Collyer's
decision during the end of the Obama administration.
MetLife Chief Executive Steven Kandarian said in a statement
that "FSOC's 2014 designation of MetLife was a textbook case of
regulatory overreach."
Write to Lalita Clozel at lalita.clozel.@wsj.com
(END) Dow Jones Newswires
January 23, 2018 16:29 ET (21:29 GMT)
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