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The great American jurist Cardozo | The great American jurist [[Benjamin N. Cardozo]] held<ref>[[Ultramares v Touche - Case Note|Ultramares v Touche]]</ref> that a [[creditor]]’s claim in {{tag|negligence}} against a [[debtor]]’s incontestably [[negligent]] [[Audited financial statements|auditor]]s failed because the auditors did not owe the company’s [[creditors]] a [[duty of care]], there being no sufficiently [[proximity|proximate]] relationship between them. Articulating a now somewhat outdated [[shareholder capitalism]], Cardozo J held the auditors to owe only the [[shareholder]]s a [[duty of care]]. | ||
Said Cardozo J, in an immortal passage that gave rise to the metajuridical concept of [[ | Said Cardozo J, in an immortal passage that gave rise to the metajuridical concept of “[[Cardozo indeterminacy]]”: | ||
{{quote|“If liability for [[negligence]] exists, a thoughtless slip or blunder, the failure to detect a theft or forgery beneath the cover of deceptive entries, may expose accountants to a ''liability in an indeterminate amount for an indeterminate time to an indeterminate class''. The hazards of a business conducted on these terms are so extreme as to enkindle doubt whether a flaw may not exist in the implication of a duty that exposes to these consequences.”}} | {{quote|“If liability for [[negligence]] exists, a thoughtless slip or blunder, the failure to detect a theft or forgery beneath the cover of deceptive entries, may expose accountants to a ''liability in an indeterminate amount for an indeterminate time to an indeterminate class''. The hazards of a business conducted on these terms are so extreme as to enkindle doubt whether a flaw may not exist in the implication of a duty that exposes to these consequences.”}} | ||