The United States Court of Appeals for the District of Columbia Circuit has put the legal case over MetLife Inc.'s designation as a systemically important financial institution in abeyance until further court order, according to court documents.
MetLife's SIFI status was invalidated in 2016, more than a year after the designation. Former President Barack Obama's administration then appealed for the right to label the company as systemically risky.
In July, MetLife sought to further delay court proceedings at least until President Donald Trump's administration released a report detailing its assessment of agency procedures. The company was hoping that the report could lead to a change in the administration's stance on some parts of the appeal or to a decision to altogether drop the appeal.
The appeals court granted MetLife's renewed motion to hold the appeal in abeyance, according to court documents filed Aug. 2. The appeals court ordered MetLife and the Financial Stability Oversight Council to file motions to govern future proceedings by Nov. 17 or within 30 days of the issuance of the report on the FSOC's designation process, whichever happens first.