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MetLife SIFI litigation dismissed

MetLife SIFI litigation dismissed

A federal appeals court has granted a petition to dismiss litigation over MetLife Inc.’s “too big to fail” tag.

The New York-based insurer and the Financial Stability Oversight Council last week jointly asked the U.S. Court of Appeals for the District of Columbia Circuit to voluntarily dismiss the government’s appeal, which the court did on Tuesday, according to court documents.

In December 2014, the council voted to designate MetLife as a systemically important financial institution, subjecting it to stricter oversight and stricter capital requirements, but the insurer won a court challenge against the designation in March 2016 — a decision the government had been appealing until last week.

The end of MetLife Inc.’s “too big to fail” designation is a negative credit rating development, according to a report by Moody’s Investors Service Inc.


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