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UPDATE 2-Jakks says state court dismisses WWE lawsuit

Fri Aug 29, 2008 3:49pm EDT

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NEW YORK, Aug 29 (Reuters) - Jakks Pacific (JAKK.O) said on Friday that a lawsuit filed by World Wrestling Entertainment Inc (WWE.N) accusing the toy maker of bribery was dismissed by the Connecticut State Court.

Jakks said the court dismissed WWE's bribery and anti-trust claims against it and its principals, in a summary judgment.

The toymaker said it is reviewing the decision and may say more about it at a later date.

Jakks shares rose 6.5 percent, or $1.52, to $24.81.

WWE had sued Jakks in 2004, accusing the toy company of bribery to win a lucrative licensing agreement for toys based on wrestling superstars. WWE sought undisclosed damages and a declaration that an amendment to its toy licenses with Jakks was void and unenforceable.

A U.S. federal court dismissed WWE's lawsuit last year, but state court litigation between the two courts had been pending.

A WWE spokesman could not immediately comment. (Reporting by Aarthi Sivaraman; Editing by Andre Grenon)

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