15. According to the latest movement in judicial decisions on legal cases, which

Question

15. According to the latest movement in judicial decisions on legal cases, which of the following criterion must be present in order to hold an auditor liable to any buyer or seller of securities under Rule 10b-5 of the Securities Exchange Act of 1934? (Hint: note the word "movement") Reckless Behavior absent present absent present present absent present absent Scienter present present absent absent IV a. I and III. b. II and IV c. III and IV. d. I and II. Which of following legal cases indicates that California courts seem to move away from the foreseeable party concept back to the old Ultramares doctrine in a third-party liability lawsuit? 16. in a third party liability laetu a. Credit Alliance Corporation V. Arthur Andersen &Co.; (1986). b. Rosenblum V. Adler (1983). c. Rusch Factors Inc. V. Levin (1968). d. Bily V. Arthur Young (1990).

Explanation / Answer

For Q15. Answer is d.

i.e negligency should be existed and knowingly involved in the fraud

For Q16. Answer is C

in this case only foreseeable third party concept was re introduced

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