The Hochfelder Case is important because it limited auditor liability under:

Name: The Hochfelder Case is important because it limited auditor liability under:
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The Hochfelder Case (Ernst & Ernst v. Hochfelder, 1976) is significant because it limited auditor liability under the 1934 Securities Exchange Act, specifically ruling that in order to hold auditors liable under Section 10(b) and Rule 10b-5, there must be proof of intent to deceive, manipulate, or defraud.

The Hochfelder Case Is Important Because It Limited Auditor Liability