MetLife Inc. on Monday filed a brief calling on a federal appeals court to uphold a decision that stripped the insurance giant’s status as a systemically important financial institution (SIFI), saying that the Financial Stability Oversight Council (FSOC) had exceeded its legal authority by issuing the SIFI designation, MorningConsult.com reported yesterday. In a legal brief filed at the U.S. Court of Appeals for the District of Columbia Circuit, MetLife reiterated its stance that FSOC’s 2014 decision was “arbitrary and capricious” under the 2010 Dodd-Frank Act. In a March decision, District Court Judge Rosemary Collyer sided with MetLife. The Justice Department appealed the ruling. FSOC effectively moved the legal goalposts by taking away its due process and not coming up with alternatives to a SIFI designation, according to MetLife.
