U.S. District Court Rescinds MetLife's SIFI Designation
U.S. District Judge for the District of Columbia Rosemary M. Collyer granted MetLife, Inc.'s cross-motion for summary judgment in a lawsuit that challenged the insurance company's designation by the Financial Stability Oversight Counsel ("FSOC") as a systemically important financial institution ("SIFI") (MetLife, Inc. v. Financial Stability Oversight Council, 15-cv-00045, U.S. District Court, District of Columbia).
Specifically, Judge Collyer (i) denied FSOC's motion to dismiss, (ii) rescinded FSOC's final determination that found MetLife, Inc. to be a SIFI, and (iii) ordered FSOC and MetLife, Inc. to file a joint notice setting forth any portions of the judge's opinion that they determined should remain under seal. The judge's order specified that if either party proposes redactions, it must submit a public opinion to the District Court and a redline comparison for in camera review by April 6, 2016.
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