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March 31, 2016

U.S. judge strikes down MetLife designation of ‘too big to fail’

“Insurer MetLife Inc won a major regulatory and legal battle on Wednesday when a federal judge struck down the U.S. government’s determination that it is “too big to fail.”

“MetLife had argued in court that the Financial Stability Oversight Council (FSOC), made up of the heads of the country’s financial regulatory agencies, used a secretive and flawed process when in 2014 it designated the company as a systemically important financial institution.”

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“The nonprofit, nonpartisan group Better Markets said, however, Collyer’s decision threatens “the entire structure that protects the country and its taxpayers from future financial crashes caused by nonbanks.”

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Read the full Reuters article by Lisa Lambert here.

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