Earlier this morning Jakks Pacific issued a press release on WWE’s federal lawsuit against them being dismissed. Below is the complete press release:
Federal Lawsuit against JAKKS Pacific(R) by WWE to Be Dismissed on Multiple Grounds Including Statute of Limitations
www.jakks.com – JAKKS Pacific, Inc. (NASDAQ:JAKK), reports that the federal judge in the action captioned World Wrestling Entertainment, Inc. v. JAKKS Pacific, Inc., et al., 1:04-CV-08223-KMK, commenced in the U.S. District Court for the Southern District of New York in October 2004, held a conference call yesterday to explain the grounds for his dismissal of all of
WWE’s claims against JAKKS, its officers and other defendants. The federal judge stated that he had dismissed WWE’s federal RICO claims on multiple grounds, including: (1) that WWE’s claims were barred by the statute of limitations because WWE was on inquiry notice of these claims no later than the summer of 1998, and (2) that WWE has not established any cognizable RICO injury. The federal judge indicated that he was dismissing WWE’s state law claims for lack of federal jurisdiction. The judge also announced that he had denied WWE’s motion for reconsideration of the federal court’s March 31, 2006 decision dismissing WWE’s federal antitrust claims under the Sherman Antitrust Act. These rulings, which dispose of all of the claims pending in federal court, will be explained in a comprehensive decision the federal judge intends to issue shortly.
“The dismissal by the Federal Court of the action brought by WWE is a decisive legal victory for JAKKS and the other defendants. All of WWE’s claims in the federal forum chosen, with great fanfare by WWE, including RICO, Robinson-Patman and Sherman Antitrust, have now been thrown out of court by a Federal judge. The Court is expected to render its comprehensive opinion by Friday and it remains to be seen how the opinion, which will address statute of limitations, injury and other issues, impacts WWE’s state law claims. We eagerly await the Court’s comprehensive decision,” said Jack Friedman, Chairman and Chief Executive Officer, of JAKKS Pacific, Inc.
