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Tuesday, September 2, 2008

WWE's Entire Case Against JAKKS Pacific And Its Senior Officers Dismissed

Courtesy of JAKKS Pacific, Inc.:

MALIBU, Calif., Sep 02, 2008 -- As reported on August 29, 2008, the Superior Court of Connecticut granted summary judgment dismissing WWE's remaining state claims against JAKKS Pacific, Inc. (NASDAQ:JAKK) and its senior officers relating to alleged wrongful acts occurring more than a decade ago of bribery and conflict of interest involving its videogame license and amendments to its toy license. The Connecticut Court determined that WWE's claims were time-barred under Connecticut State law. In addition, the Connecticut Court separately found that WWE was precluded from litigating its state court claims based on the previous federal court determination that WWE's then remaining federal claim was time-barred by the applicable federal statute of limitations. The Connecticut Court also dismissed WWE's state antitrust claim based on the lack of any antitrust injury under Connecticut State law and, separately, because WWE was precluded from relitigating in state court antitrust claims that the federal court had already dismissed under federal law.

As a result of prior federal court decisions, all of WWE's federal claims against JAKKS Pacific and its senior officers were dismissed, including claims alleging violations of RICO, the Sherman Antitrust Act, and the Robinson-Patman Act. Now, by virtue of this Connecticut Court's summary judgment ruling, all of WWE's remaining claims relating to the procurement of the subject licenses have also been dismissed.

Jack Friedman, Chairman and Chief Executive Officer of JAKKS Pacific stated, "From the outset, we have maintained that WWE's claims against us were meritless and part of an attempt by WWE to force us to relinquish our financial stake in our licenses. We have refused to be bullied into submission and are delighted that the Connecticut Court has granted summary judgment in our favor."

WWE has indicated that it plans to appeal the adverse rulings against it, and JAKKS Pacific and its senior officers, consistent with what they have done until now, intend to vigorously defend on appeal the court rulings.

About JAKKS Pacific, Inc.

JAKKS Pacific, Inc. (NASDAQ:JAKK) is a multi-brand company that designs and markets a broad range of toys and consumer products. The product categories include: Action Figures, Art Activity Kits, Stationery, Writing Instruments, Performance Kites, Water Toys, Sports Activity Toys, Vehicles, Infant/Pre-School, Plush, Construction Toys, Electronics, Dolls, Dress-Up, Role Play, and Pet Toys and Accessories. The products are sold under various brand names including JAKKS Pacific(R), Play Along(R), Flying Colors(R), Creative Designs International(TM), Road Champs(R), Child Guidance(R), Pentech(R), Trendmasters(R), Toymax(R), Funnoodle(R), Go Fly a Kite(R), Color Workshop(R), JAKKS Pets(TM) and Plug It In & Play TV Games(TM). JAKKS and THQ Inc. participate in a joint venture that has worldwide rights to publish and market World Wrestling Entertainment video games. For further information, visit www.jakks.com.

This press release may contain forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations, estimates and projections about JAKKS Pacific's business based partly on assumptions made by its management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements due to numerous factors, including, but not limited to, those described above, changes in demand for JAKKS' products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, and difficulties with integrating acquired businesses. The forward-looking statements contained herein speak only as of the date on which they are made, and JAKKS undertakes no obligation to update any of them to reflect events or circumstances after the date of this release. (C) JAKKS Pacific, Inc. All Right Reserved.

Genna Rosenberg, 310-455-6235
Anne-Marie Feliciano, 310-455-6245