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Judge sides with MetLife in battle over SIFI designation

Joe Mont | March 30, 2016

A federal judge on Wednesday sided with insurance giant MetLife in its effort to remove the “systematically important financial institution” designation placed upon it by the Financial Stability Oversight Council.

Ruling in the case of MetLife Inc. v. Financial Stability Oversight Council, U.S. District Judge Rosemary Collyer revoked the SIFI designation. The ruling was sealed, with no specific details made public, although a redacted version of the opinion may be forthcoming. Both parties have until April 6 to inform the court of any information in the opinion they feel should remain confidential.

The ruling is unlikely to be the end of the lengthy legal battle as the government has the option of either filing an appeal or re0embarking on the SIFI designation process in light of the judge's concerns.

FSOC was established under the Dodd-Frank Act, charged with identifying risks to...

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