Insurer: Facebook IPO Class Action Not Barred By Professional Services Exclusion

Mealey's (May 23, 2017, 5:22 PM EDT) -- NEW YORK — An excess errors and omissions (E&O) insurer has asked the Second Circuit U.S. Court of Appeals to reverse a lower court’s holding 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 (Beazley Insurance Co. Inc. v. Ace American Insurance Co., et al., No. 16-2812, 2nd Cir.)....