April 18, 2016
excerpt, International Financial Law Review (IFLR) (April 18, 2016):
“If FSOC want to designate MetLife they’ll be able to get there,” said Steven Lofchie, partner at Cadwalader, Wickersham & Taft. “Two things can happen now. FSOC can go back and appeal in court, or FSOC could say we lost this one and we’re going to re-do the procedure.” In other words, the court’s decision may actually have pointed the way for FSOC to understand how to go back and try again with more success. All FSOC has to do is follow its own process more carefully and find an economist or two willing to make the case. “FSOC could go back and correct its process to follow its stated procedure and decide again that MetLife is a Sifi,” said Lofchie.