By Victoria McGrane
WASHINGTON--The Federal Reserve and the Federal Deposit
Insurance Corp. voted Thursday to give MetLife Inc. an additional
six months to file the first plan showing how it can collapse
without causing broader economic damage.
MetLife's new deadline to file this so-called "living will" is
now Dec. 31, 2016. The regulators voted at the request of the judge
presiding over MetLife's lawsuit challenging its designation as a
"systemically important financial institution" last fall.
The designation subjects the firm to a number of tougher new
rules, including the requirement that it file a road map to how it
can go through bankruptcy without triggering damaging economic
repercussions.
U.S. District Judge Rosemary Collyer said in a court filing that
the existing July 2016 deadline "might make it difficult for the
court to rule" on various motions before MetLife "begins to expend
time and money to prepare" its document.
Write to Victoria McGrane at victoria.mcgrane@wsj.com
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