MetLife heads to court to challenge US designation as a company 'too big to fail'

Markets Associated Press

MetLife will ask a federal judge to review its government designation that it is "too big to fail" because it would pose such a risk to the economy.

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The designation brings with it stricter guidelines from federal overseers.

The life insurance company said Tuesday that it will file with the U.S. District Court for the District of Columbia to overturn the Financial Stability Oversight Council's designation of the company as a non-bank, systemically important financial institution.

MetLife Inc. said the designation will hurt competition among life insurers and will increase the cost of financial protection for consumers.

Chairman and CEO Steven Kandarian said in a printed statement that the FSOC's designation was premature and that it is improper to give companies the designation "merely because they are big."