The record establishes that plaintiffs are unable to demonstrate the elements of a fraud cause of action in connection with their purchase from defendants of commercial mortgage-backed securities (CMBS) from May through July 2008, which allegedly resulted in a loss to plaintiffs of more than $24 million. Defendants' alleged misrepresentations are not actionable as fraud because they are "mere puffery, opinions of value or future expectations, rather than false statements...
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