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via Bloomberg Quick Take / Twitter

New York state Attorney General Letitia James has announced a lawsuit to dissolve the National Rifle Association (NRA) over alleged financial mismanagement that's run rampant in the organization for years.

The state of New York has the power to dissolve the group because it operates as a New York-registered 501(c)(4) not-for-profit, charitable corporation.

State law requires that the group's assets are used in a way that serves the interests of NRA membership and advance the organization's charitable mission.

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