Facebook IPO Class Action Barred By Professional Services Exclusion, Panel Affirms

Mealey's (January 23, 2018, 12:39 PM EST) -- NEW YORK — The Second Circuit U.S. Court of Appeals on Jan. 22 held that a directors and officers (D&O) liability insurance policy's professional services exclusion unambiguously bars coverage for claims in an underlying Facebook IPO class action lawsuit, affirming a lower court’s ruling against an excess errors and omissions (E&O) insurer seeking coverage from the D&O insurer (Beazley Insurance Co. Inc. v. Ace American Insurance Co., et al., No. 16-2812, 2nd Cir., 2018 U.S. App. LEXIS 1372)....