NRA files for bankruptcy

The powerful lobbying group has filed for bankruptcy, months after New York's attorney general sued the organization for what she alleges were questionable expenditures.
1:45 | 01/16/21

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Transcript for NRA files for bankruptcy
The powerful lobbying group has filed for bankruptcy months after New York's attorney general sued the organization for what she alleges are questionable expenditures. ABC's Deidre Bolton is here and has the story. Deidre, good morning to you. Reporter: Good morning, Dan. So this suit is one of the biggest legal threats that the gun rights group has ever faced since its founding in New York in 1871. The New York A.G. Is seeking to dissolve the organization for alleged corruption, misappropriation of funds, in fact, in the past Letitia James called them a terrorist organization. On the NRA website Wayne Lapierre has his say quoting a corrupt political regulatory government in New York and says, quote, we're dumping New York and planning to reincorporate in Texas. In the past they have been credited or criticized with great sway in D.C., beating back repeated attempts for stricter laws in the wake of mass shootings such as the 2012 sandy hook school massacre in Connecticut. At the heart of this suit money. The New York A.G. Accuses Wayne Lapierre and three other leaders of fleecing the organization by diverting millions of the group's money for personal use. So the state says there are $64 million in losses and each of the leaders needs to pay full restitution and penalties. On the website the NRA says, quote, it's in its strongest financial condition in years. More specifically is not insolvent. So the group says within the next six months it's going to reincorporate as a nonprofit in Texas while leaving its headquarters in Fairfax, whit? Deidre, thank you. Let's get a check of the

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