MetLife, Inc. v. Financial Stability Oversight Council
- Case Date: 8/22/2016
- Project Name: Civil Justice Reform
On August 22, 2016, WLF filed a brief in the U.S. Court of Appeals for the District of Columbia Circuit, encouraging it to uphold a district court decision that overturned an administrative ruling designating MetLife, Inc. as a nonbank “systemically important financial institution” (SIFI)—i.e., “too big to fail.” WLF argued that the Financial Stability Oversight Council’s (FSOC) designation decision violated MetLife’s Fifth Amendment right to due process of law by failing to provide MetLife with a “meaningful” and fair hearing before making the designation. WLF also faulted FSOC for failing to respect the separation of powers; unlike the usual case with federal agency adjudication, the FSOC personnel involved here in investigating and proposing the designation of MetLife as a SIFI were also involved in making the final SIFI determination. The result of FSOC’s designation is to subject MetLife to costly new regulation. WLF’s brief was joined by the Allied Educational Foundation.
|Oral argument held October 24, 2016. Awaiting decision.|
More Information and Downloads:
8/22/2016: Download the Brief
Press Release: DC Circuit Hears Oral Argument in “Too Big to Fail” Case