Well, in the school's defence, lots of 9-year old kids still believe in Santa with his flying reindeer, the Tooth Fairy and that the Easter Bunny lays eggs. So while threatening with a magic ring is laughable to us, to the child who was on the receiving end of the threat he/she might actually believe that magic rings are a thing. Hence that child might believe the threat is real and might have been very scared and traumatised by the ordeal.
Whether suspension was an appropriate response or not is a different matter, and one which needs to full context of the ringbearer's schooling history. But bringing the T word into it was completely out of order.
“The fundamental cause of the trouble is that in the modern world the stupid are cocksure while the intelligent are full of doubt.” - Bertrand Russell
"When the power of love overcomes the love of power, the world will know peace."