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5/12, 1:03 AM (Source: TeleTrader)
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Federal court rejects NRA bankruptcy claim

The National Rifle Association's attempt to file bankruptcy has been denied by a federal judge, who ruled that the case filing was a bad-faith attempt to avoid a New York lawsuit.

The judge stated that the "NRA’s bankruptcy petition was not filed in good faith," but was rather an "effort to gain an unfair litigation advantage" in the New York lawsuit and to "avoid a regulatory scheme." He also stated that he was concerned by "the surreptitious manner in which Mr. LaPierre obtained and exercised authority to file bankruptcy," adding that the management of the organization has "lingering issues of secrecy and a lack of transparency."

New York Attorney General Letitia James praised the ruling saying that the NRA did not get to "dictate when and where it will be held accountable" and that it "sends a loud and clear message that no one is above the law." The NRA called the decision "disappointing," but asserted that there will be no overall change in the direction of the association.

Breaking the News / OL