NRA filing lawsuit, claims in financial trouble

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bignflnut
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NRA is poor, ya'll

Post by bignflnut »

The National Rifle Association warns that it is in grave financial jeopardy, according to a recent court filing obtained by Rolling Stone, and that it could soon “be unable to exist… or pursue its advocacy mission.” (Read the NRA’s legal complaint at the bottom of this story.)

The reason, according to the NRA filing, is not its deep entanglement with alleged Russian agents like Maria Butina. Instead, the gun group has been suing New York Gov. Andrew Cuomo and the state’s financial regulators since May, claiming the NRA has been subject to a state-led “blacklisting campaign” that has inflicted “tens of millions of dollars in damages.”

In the new document — an amended complaint filed in U.S. District Court in late July — the NRA says it cannot access financial services essential to its operations and is facing “irrecoverable loss and irreparable harm.”
They're such showmen...
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Re: NRA is poor, ya'll

Post by kcclark »

Wayne has been on track to bankrupt the outfit for years. All the cheap life memberships are going to catch up with him someday.
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NRA filing lawsuit, claims in financial trouble

Post by M-Quigley »

https://www.whio.com/news/nra-files-law ... DWJm8qb4O/" onclick="window.open(this.href);return false;

— The National Rifle Association is suing the state of New York and Gov. Andrew Cuomo, claiming its organization has been subjected to a state led “blacklisting campaign” that has put it in grave financial straits.

According to a court filing obtained by Rolling Stone, the NRA said that financial constraints could soon cause the organization to “be unable to exist … or pursue its advocacy mission.”

The document, — an amended complaint filed in the U.S. District Court of Northern New York in late July — the NRA says it cannot secure financial services necessary to operate and is facing “irrecoverable loss and irreparable harm.”

In the lawsuit, the NRA said it lost insurance coverage, which puts its day-to-day operations in peril, Rolling Stone reported.

The NRA’s video streaming service and magazines may soon shut down, according to the lawsuit.

“The NRA’s inability to obtain insurance in connection with media liability raises risks that are especially acute; if insurers remain afraid to transact with the NRA, there is a substantial risk that NRATV will be forced to cease operating,” according to the lawsuit.
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Re: NRA filing lawsuit, claims in financial trouble

Post by BEAR! »

I just want to post before our resident NRA haters jump on this. :roll:
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Re: NRA filing lawsuit, claims in financial trouble

Post by Mustang380gal »

If they are accurately stating the facts, that they can no longer get insurance and other banking services, then this is a YUGE problem.

Any of our rights can be stripped away if businesses can hamstring non-PC businesses/groups. They can't defeat the 2A on the merits, so they will financially starve out our largest advocate.

And for the NRA haters, if they win against the NRA, you better believe they will go after every other gun group next. Then if they get the presidency and congress, we can kiss gun rights goodbye. Hello, CA style gun laws nationwide.
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Re: NRA filing lawsuit, claims in financial trouble

Post by kcclark »

BEAR! wrote:I just want to post before our resident NRA haters jump on this. :roll:
Wayne has been driving the NRA towards financial ruin for years. Even with his firesale prices on life memberships, NRA still spent $46 million more than they took in for 2016. Then he sped things up and screwed over USCCA at the same time by creating Carry Guard. NY said Carry Guard was illegal. The insurance companies involved agreed to quit selling Carry Guard and paid $7 million in fines.

Maybe when all the Life+ members stop getting a magazine, people will finally wake up and kick Wayne to the curb. Hopefully, it will not be too late to save the NRA at that point.
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Re: NRA filing lawsuit, claims in financial trouble

Post by WhyNot »

BEAR! wrote:I just want to post before our resident NRA haters jump on this. :roll:
Sorry!

http://www.ohioccwforums.org/viewtopic.php?f=9&t=92164" onclick="window.open(this.href);return false;
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Re: NRA filing lawsuit, claims in financial trouble

Post by bignflnut »

Mustang380gal wrote:If they are accurately stating the facts, that they can no longer get insurance and other banking services, then this is a YUGE problem.

Any of our rights can be stripped away if businesses can hamstring non-PC businesses/groups. They can't defeat the 2A on the merits, so they will financially starve out our largest advocate.

And for the NRA haters, if they win against the NRA, you better believe they will go after every other gun group next.
No argument with anything Mustang said here.
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Hello! This thread is a dupe!

As people who believe in Rights, particularly in business, we don't want the State and its force to be used against business people--forcing them to take clients they would not care to serve, based on their own moral conscience. Bakers don't have to serve Planned Parenthood or the Satanic Temple, if they don't want to, yeah? Neither does Bank of America or Lloyds of London ( a large re-insurer) have a requirement to serve the NRA.

I'm sure if the NRA looked hard enough, there's a bank and an insurance company out there that would build vaults to hold their newfound profits from these accounts. The NRA is doing what it does best, whip up a crisis and fund-raise off of same. All to distract from their improper positions on ERPOs, bump-stocks, NICS, mental health databases, 3D ghost guns, etc... which might depress donations.
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"Avarice, ambition, revenge and licentiousness would break the strongest cords of our Constitution, as a whale goes through a net. Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other." John Adams to Mass Militia 10-11-1798
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Re: NRA filing lawsuit, claims in financial trouble

Post by catfish86 »

We are not talking about a private entity making a decision as to who to conduct business with, we are looking at the State of New York using the powers of government to pressure businesses to avoid serving the NRA, businesses who without such pressure are willing to do so. Your argument actually supports the NRA's position.
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Re: NRA filing lawsuit, claims in financial trouble

Post by bignflnut »

Presumably the NRA has some documents, emails, texts, from the NY AG pressuring BOA and others to not deal with the NRA?
What case is being made in the suit? Extra audits? What is the AG gonna do?
“It’s not that we don’t have enough scoundrels to curse; it’s that we don’t have enough good men to curse them.”–G.K. Chesterton-Illustrated London News, 3-14-1908

Republicans.Hate.You. See2020.

"Avarice, ambition, revenge and licentiousness would break the strongest cords of our Constitution, as a whale goes through a net. Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other." John Adams to Mass Militia 10-11-1798
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Re: NRA filing lawsuit, claims in financial trouble

Post by bignflnut »

The tragic devastation caused by gun violence that we have regrettably been increasingly witnessing is a public safety and health issue. Our financial institutions can play a significant role in promoting public health and safety in the communities they serve, thereby fulfilling their
corporate social responsibility to those communities. They are also in the business of managing risks, including their own reputational risks, by making risk management decisions on a regular basis regarding if and how they will do business with certain sectors or entities. In light of the above, and subject to compliance with applicable laws, the Department encourages its chartered and licensed financial institutions to continue evaluating and managing their risks, including reputational risks, that may arise from their dealings with the NRA or similar gun promotion organizations, if any, as well as continued assessment of compliance with their own codes of social responsibility. The Department encourages regulated institutions to review any
relationships they have with the NRA or similar gun promotion organizations, and to take prompt actions to managing these risks and promote public health and safety.
The tragic devastation caused by gun violence that we have regrettably been increasingly witnessing is a public safety and health issue that should no longer be tolerated by the public and there will undoubtedly be increasing public backlash against the NRA and like organizations.
Our insurers are key players in maintaining and improving public health and safety in the communities they serve. They are also in the business of managing risks, including their own reputational risks, by making risk management decisions on a regular basis regarding if and how they will do business with certain sectors or entities. In light of the above, and subject to
compliance with applicable laws, the Department encourages its insurers to continue evaluating and managing their risks, including reputational risks, that may arise from their dealings with the NRA or similar gun promotion organizations, if any, as well as continued assessment of compliance with their own codes of social responsibility. The Department encourages regulated institutions to review any relationships they have with the NRA or similar gun promotion organizations, and to take prompt actions to managing these risks and promote public health and safety.
I guess this is the basis for the lawsuit...
I think this is more of a suit for the financial institutions to bring against the AG after suffering direct consequences from disobeying the blacklist.

So pull out of NY...right?
NRA in general can't find a company that HQs in some other market, that is willing to fight the NY AG for their business Rights?
“It’s not that we don’t have enough scoundrels to curse; it’s that we don’t have enough good men to curse them.”–G.K. Chesterton-Illustrated London News, 3-14-1908

Republicans.Hate.You. See2020.

"Avarice, ambition, revenge and licentiousness would break the strongest cords of our Constitution, as a whale goes through a net. Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other." John Adams to Mass Militia 10-11-1798
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Re: NRA filing lawsuit, claims in financial trouble

Post by catfish86 »

This is nothing different from Operation Chokepoint. It is clearly unconstitutional interference in private, lawful conduct between corporations. If your government regulators suggest something may be detrimental to you, it has the practical effect of an order.
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Re: NRA filing lawsuit, claims in financial trouble

Post by Mustang380gal »

BTW, I saw that this is a dupe. When I am at my computer, not my phone, I will merge the two.
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Re: NRA filing lawsuit, claims in financial trouble

Post by Bruenor »

bignflnut wrote: The NRA is doing what it does best, whip up a crisis and fund-raise off of same.
I don't think being hit for 8.3 Million dollars in fines by a state regulatory agency, and losing your primary insurance underwriter, is whipping up an imaginary crisis.

Link
Insurer Chubb Ltd and a unit have agreed to pay a total of $1.3 million to New York State's insurance regulator over their role in a National Rifle Association (NRA) insurance program, the regulator said on Monday.
In addition to the fine, Illinois Union agreed not to participate in the Carry Guard insurance program, or any similar program in New York, nor to provide Carry Guard or similar policies to New York residents, regardless of where they are written, the DFS said.

Illinois Union is also not allowed to issue policies for New York residents that provide legal services coverage in a civil or criminal proceeding.

On May 2, the New York regulator fined insurance broker Lockton Cos LLC $7 million for serving as the "Carry Guard" program administrator.

In February, Chubb Ltd said it had given notice to the NRA late last year of its plan stop underwriting the "Carry Guard” program.

Lockton said in February it would no longer sell NRA-endorsed products.
Lockton has been THE underwriter for NRA's insurance products as long as I can remember.
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Re: NRA filing lawsuit, claims in financial trouble

Post by Mustang380gal »

Mustang380gal wrote:BTW, I saw that this is a dupe. When I am at my computer, not my phone, I will merge the two.
done.
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