How would handle school yard fights?

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Two children who are in the same grade and age. Child A is much bigger in size than Child B. Child A,Child B, and others kids have name calling each other, some instances are worst than other, but the facts is that they do. Child A has been calling Child B names,making smirky faces, and inappropriate remarks that I could not repeat here. This continues for some while now. Finally child B could not stand the name calling anymore, so child B punch child A. Because child B is the one to pull the punch first, he is the child suspended from school. If you were the parents to these one of these children what would you do? What about Child A? Is he all victim or does he play a part? My two cent? I think it takes two to tango...