Judge: Facebook IPO Class Action Claims Fall Under Professional Services Exclusion

Mealey's (July 14, 2016, 12:46 PM EDT) -- NEW YORK — A New York federal judge on July 12 held that a directors and officers liability insurance policy’s professional services exclusion unambiguously bars coverage for claims in an underlying Facebook IPO class action lawsuit but refused to grant summary judgment to the primary D&O insurer on a breach of contract claim involving the advancement of underlying defense costs (Beazley Insurance Co. Inc. v. ACE American Insurance Co., et al., No. 15-5119, S.D. N.Y.; 2016 U.S. Dist. LEXIS 90332).

(Opinion and order available. Document #13-160721-009Z.)...
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