Organization:MetLife Inc. v. Financial Stability Oversight Council
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| MetLife Inc. v. Financial Stability Oversight Council | |
|---|---|
| United States District Court for the District of Columbia | |
| Full case name | MetLife Inc. v. Financial Stability Oversight Council |
| Docket nos. | 1:15-cv-00045 |
| Citations | 177 F. Supp. 3d 219 |
| Judge sitting | Rosemary M. Collyer |
| Case history | |
| Subsequent actions | Motion to unseal denied, 2016 WL 3024015 (D.D.C. May 25, 2016); reversed and remanded, 865 F.3d 661 (D.C. Cir. 2017). |
MetLife Inc. v. Financial Stability Oversight Council, 177 F. Supp. 3d 219 (D.D.C. 2016), is a case that challenged the systemically important financial institution, or SIFI rules in Dodd-Frank. U.S. District Judge Rosemary Collyer ruled that MetLife could shed its SIFI designation, after concluding Financial Stability Oversight Council, or FSOC's designation was "arbitrary and capricious".[1][2][3] FSOC subsequently launched an appeal but decided to settle the case in January 2018 during the Trump administration, ensuring that MetLife would not face stricter rules.[4] This had the effect of releasing nearly all non-bank SIFI organizations that were under Dodd-Frank at the time, prior to the deregulation of Prudential Financial.[5]
References
- ↑ "MetLife Defeats U.S. Government's Too-Big-to-Fail Labeling" (in en). Bloomberg.com. 2016-03-30. https://www.bloomberg.com/news/articles/2016-03-30/metlife-wins-court-ruling-removing-fsoc-s-too-big-to-fail-tag-imeyio6z.
- ↑ Holm, Ryan Tracy and Erik (2016-03-30). "MetLife Wins Bid to Shed 'Systemically Important' Label" (in en-US). Wall Street Journal. ISSN 0099-9660. http://www.wsj.com/articles/federal-judge-rescinds-federal-government-determination-that-metlife-is-systemically-important-1459349828.
- ↑ MetLife Inc. v. Financial Stability Oversight Council, 177 F. Supp. 3d 219 (D.D.C. 2016).
- ↑ "MetLife, U.S. regulators agree to set aside legal fight" (in en). Reuters. 2018-01-19. https://www.reuters.com/article/us-usa-metlife-fsoc-idUKKBN1F8064.
- ↑ "The Last SIFI: The Unwise and Illegal Deregulation of Prudential Financial" (in en). 2018-12-17. https://www.stanfordlawreview.org/online/the-last-sifi-the-unwise-and-illegal-deregulation-of-prudential-financial/.
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