🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

U.S. government appeals court decision in MetLife 'too big to fail' case

Published 04/08/2016, 01:45 PM
Updated 04/08/2016, 01:50 PM
© Reuters. The MetLife building is seen in New York
MET
-

WASHINGTON (Reuters) - The U.S. government on Friday appealed a court decision that major insurer MetLife (NYSE:MET) cannot be considered "too big to fail" in the United States Court of Appeals for the District of Columbia, according to a filing.

U.S. Treasury Secretary Jack Lew had said he strongly disagreed with the decision and the government would vigorously defend the work of the Financial Stability Oversight Council (FSOC), made up of several U.S. regulatory agency chiefs, which designated MetLife as a systematically important financial institution in 2014. The designation triggers additional oversight and capital requirements.

"We plan to vigorously defend Judge Collyer’s carefully reasoned opinion," said Chris Stern, a spokesman for MetLife.

MetLife sued the U.S. government last year, saying FSOC used a secretive, flawed process in determining that it could hurt the U.S. financial system if it faces financial distress. On March 30, U.S. District Judge Rosemary Collyer rescinded the designation.

© Reuters. The MetLife building is seen in New York

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.