By Kevin LaCroix ( February 9, 2018, 12:14 PM EST) -- A recurring directors and officers insurance issue is the question of whether or not coverage for a particular claim is precluded under the relevant policy's professional services exclusion. A recent decision by the Second Circuit addressed questions concerning the applicability of a professional services exclusion in a D&O insurance coverage dispute arising out of the mistake-plagued Facebook initial public offering. In a Jan. 22, 2018, opinion, the appellate court affirmed the district court's ruling that coverage for the settlement of the investor claims against Nasdaq related to the Facebook IPO was precluded by the Nasdaq D&O insurance policy's professional services exclusion. The opinion includes some interesting discussion of considerations relevant to the exclusion's applicability....