In Ultramares Corporation vs.Touche,the court found the defendant accounting firm not liable for negligence due to the plaintiff's lack of privity of contract or a privity-like relationship with the defendant.

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The statement accurately describes the court's ruling in Ultramares Corporation v. Touche. The plaintiff did not have a direct contractual relationship with the defendant accounting firm or a relationship that was equivalent to privity, so the court found that the defendant could not be held liable for negligence.

In Ultramares Corporation Vs