Trump Administration Asks for Time to Deliberate MetLife Case

By Ryan Tracy Features Dow Jones Newswires

The Trump administration said it would consent to delay a court case involving federal oversight of MetLife Inc., a move that could potentially give it time to drop the government's case against the insurance company.

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In a court filing with the U.S. Court of Appeals for the District of Columbia Circuit Thursday, a government lawyer representing the Financial Stability Oversight Council said it would consent to holding the case in abeyance for 60 days "to allow the Council and the Department of Justice to complete their deliberations."

MetLife previously had asked an appeals court to delay ruling pending the administration's review of the oversight council and its authorities.

The administration has been evaluating what to do with the case, which is a holdover from the Obama administration. The oversight council in 2014 designated MetLife a "systemically important financial institution" subject to federal oversight, but the company sued and won a district court ruling last year rescinding the designation.

The Obama administration appealed, and the case is now awaiting a decision by the appellate court.

Write to Ryan Tracy at ryan.tracy@wsj.com

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(END) Dow Jones Newswires

May 04, 2017 17:19 ET (21:19 GMT)