The Collaborative International Dictionary of English v.0.48:
shrug off \shrug off\, v. t. To ignore; to disregard; to brush aside; to minimize[2] the effects of; as, to shrug off predictions of disaster. [PJC]WordNet (r) 3.0 (2006):
shrug off v 1: minimize the importance of, brush aside; "Jane shrugged off the news that her stock had fallen 3 points"