the activity undertaken by the Financial Services division, and a reasonable investor could not have reasonably understood them to be describing those risks. b The plaintiffs argue that Swiss Re’s portrayal of its risk management strategies and aptitude give rise to a claim for securities fraud, citing assertions that Swiss Re took a "cautious stance" regarding various risks, that it could "manage volatility," and that it engaged in "active management of financial market risk." (SAC ¶¶ 66, 73, 77, 89.) Such statements are "no more than `puffery’ which [do] not give rise to securities violations," because they are "too general to cause a reasonable investor to rely upon them." ECA & Local 134 IBEW Joint Pension Trust of Chicago v. JP Morgan Chase Co., 553 F.3d 187, 205-06 (2d Cir.2009) (<HOLDING>). Insofar as any of the defendants’ "cautious
holding a pro se plaintiff is not an adequate class representative because the competence of a layman is clearly too limited to allow him to risk the rights of others internal quotation marks omitted holding that management fees lacked fair consideration because the recipient never ren dered corresponding management services holding that statements such as that the defendant had risk management processes that are highly disciplined and designed to preserve the integrity of its risk management process are too general to be actionable internal quotation omitted holding that the puc does not have the authority to regulate or control the management decisions of a utility absent a finding that the management decision would adversely affect the public holding that statements that employee was doing a good job are more akin to opinions than statements of fact and on this basis are not actionable in fraud and citing a state case as holding that neither opinions nor statement that are general and indefinite are representations of fact giving rise to a misrepresentation claim