This clip is from 1984-85 or so.
Apparently, the Iron Shiek has run afoul of the law in Connecticut on assault charges, so lawyer Mickey Sherman thinks it's a good idea to videotape some of his WWF friends as character witnesses. I guess since they are "character" witnesses, this explains why they give their testimony "in character"? (Fred Blassie calls the judge a "pencil neck geek").
Lots of great old WWF managers, announcer Gene Okerlund (making the dubious claim that he worked for NBC in 1968), and a surprise celebrity witness at the end.