Stuck With SIFI Label, Prudential Faces Gloomy Outlook
By Bibeka Shrestha
Law360, New York (September 20, 2013, 8:59 PM EDT) -- Prudential Financial Inc. has less than a month to decide whether to challenge or live with its designation as a systemically important financial institution, but experts say the odds that the insurance giant can shed the new status through a court battle are scant, considering the high legal hurdle that would lie ahead.
The Financial Stability Oversight Council went ahead with labeling Prudential as a SIFI on Thursday, unswayed by the insurer's appeal at a July hearing.
Prudential must now determine whether to carry on the...