Just when you thought it was over, the US Consumer Product Safety Commission has announced a voluntary recall on 2.4 million magnetic toys manufactured by Montreal, Canada’s Mega Brands.

The CPSC has issued a recall on 1.3 million units of MagnaMan magnetic kids toys and a combined 1.1 million units of Magtastik and Magnetix Jr. preschool magnetic toys. The magnets in the small flexible parts of the figures, vehicles and building sets can detach, and if found by young children can be swallowed or aspirated. If more than one magnet is swallowed, the serious medical problems can result.

So far, Mega Brands and the CPSC have received 44 reports on all three product lines about magnets coming loose, including one report of a three-year-old boy receiving medical treatment to remove a magnet from his nasal cavity.

The toys were sold at Wal-Mart, Target, Toys R Us, K-Mart and other toy stores across the US from January 2005 through December 2007 for between US$10 and US$40. The design predates the redesign of the Magnetix building system undertaken by Mega in 2006, after two earlier recalls that resulted the toyco taking a US$35.2 million hit to its bottom line. MagnaMan and Magnetix Jr. sets are no longer in production.

The recalled products represent sales of approximately US$7 million in 2007. Costs related to these recalls will be reflected in the company’s fourth quarter 2007 financial results.