A federal judge has dismissed a shareholder lawsuit against Canadian Imperial Bank of Commerce  (CIBC) and four executives for allegedly misleading investors about the bank's exposure to securities backed by subprime mortgages.

Dow Jones reported that in an order Wednesday, U.S. District Judge William H. Pauley III in Manhattan threw out the case, saying a number of major financial institutions failed to anticipate a meltdown in the mortgage market and the plaintiffs failed to demonstrate that CIBC and its executives received information that was contrary to their public statements.

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