April 7, 2016 / 6:11 PM / in 2 years

U.S. seen appealing MetLife exemption from 'too big to fail'

WASHINGTON, April 7 (Reuters) - Obama administration sources familiar with the lawsuit over the designation of MetLife as “too big to fail” said on Thursday they believe that a U.S. government appeal of the decision in the case is likely.

Last month, a U.S. judge rescinded the federal government’s designation of the major insurer as “systemically important,” saying the government’s decision was “arbitrary and capricious.”

U.S. Treasury Secretary Jack Lew on Thursday said the government would vigorously defend its authority to label nonbank firms, saying “the court imposed new requirements that Congress never enacted, and contradicted key policy lessons from the financial crisis.” (Reporting by Lisa Lambert; Editing by David Gregorio)

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