A U.S. federal judge dismissed a shareholder lawsuit accusing Jordan 1 Canadian Imperial Bank of Commerce and four executives, including Chief Executive Gerald McCaughey, of misleading investors about the bank's exposure to subprime mortgages. Judge William Pauley of Manhattan federal court rejected claims onJordan 10 Wednesday in the class-action case that CIBC committed securities fraud by making at least 14 misrepresentations between May 2007 and May 2008 and understating its risk from owning mortgage-backed securities. He noted many lenders failed to forecast the meltdown that led to Jordan 10.5 Lehman Brothers Holdings Inc's demise and the end of Bear Stearns Cos' and Merrill Lynch & Co's independence, as well as massive losses industrywide. "Knowledge of Jordan 18 a general economic trend does not equate to harboring Jordan 11 a mental state to deceive, manipulate, or defraud," Pauley wrote in a 28-page opinion. "CIBC, like so many other institutions, could not have been expected to anticipate the crisis with the accuracy (the) plaintiff enjoys in hindsight." The Plumbers & Steamfitters Local 773 Pension Fund isJordan 12 the lead plaintiff in the case. Robert Rothman, a lawyer at Coughlin Stoia Geller Rudman & Robbins LLP representing the fund, did not immediately return a call seeking comment. CIBC spokesman Rob McLeod said the bank was pleased with the decisionJordan 13 and said the allegations lacked merit. Noting that CIBC took six write downs during the class periodJordan 14 , Pauley said the bank "chose an incremental measured response" that, "while erroneous in hindsight, is as plausible an explanation for the losses as an inference of fraud." He added that it would be "nonsensical to impute dishonest motives" to Jordan 15the executives, given that each suffered large losses in their common stock holdings and compensation. In late afternoon trading, CIBC shares were down 8 cents at C$75.39Jordan 16 in Toronto. The case is Plumbers & Steamfitters Local 773 Pension Fund v. Jordan 17 Canadian Imperial Bank of Commerce et al, U.S. District Court, Southern District of New York, No. 08-08143. Saeed's mother Akila Naqqash said Tuesday that she had spoken toJordan 19 her son by telephone from her home in Oldham, near Manchester, after his release and he could expect a "big party" when he arrives back from Pakistan although she vowed never to return to the country. "I need to see him with my own eyes to believe it. When he comes back I am going to give him a big kiss and cuddles and keep Jordan 1vs Jordan 20 him happy," she told the Manchester Evening News city newspaper. Kidnappings of Westerners are rare in Pakistan but abductions of locals are common. They are often related to family quarrels, love affairs, property disputes or simple quests for money -- particularly for the wealthier victims -- by criminal gangs, some of whom are connected to Islamist militant networks. (Reporting by Jonathan Stempel; editing by Andre Grenon)