by First, here is the verdict:
BREAKING: A New York judge denies NYAG's request for an independent monitor to oversee the NRA's compliance.
— Erik Uebelacker (@Uebey) July 29, 2024
Judge Joel Cohen blasted the NRA's "stunning lack of accountability" to accept its misconduct, but says a monitor is not the right fix.
More TK @CourthouseNews
Cohen denies restricting former counsel John Frazer's role in the NRA at all, says his ruling is consistent with the jury's verdict in February.
— Erik Uebelacker (@Uebey) July 29, 2024
Judge Cohen goes on to add that he wants some “targeted relief”.
Frankly, I’m still digesting this and am more than angry. I’m angry that the NRA wasted $182 million just to avoid a monitor when a settlement could have been reached years ago. I’m angry that a monitor wasn’t imposed on the NRA as I really believe that was the only way to restore trust. I’m angry that John Frazer walked away with no punishment even though the jury found he breached his fiduciary duties.
As to Wayne’s punishment, a 10-year ban is in all reality the equivalent of a lifetime ban. Meh!
Going over the list for “targeted relief”, number two is not clear. I think it means that the 5-year Life Member requirement for Board candidacy will be waived or reduced. Numbers 4 and 6 are the real meat of what he wants in targeted relief. It could mean that Charles Cotton will be bounced from the Audit Committee. The question on that remains will it be done by court order or by the Board. If the Board, I’ll believe it when I see it. Reducing the size of the Board has always been a good idea and I think most members will be in favor of it.
I’ve read the post-trial statements of both the NYAG’s Office and the NRA. They both are posturing statements and both are claiming victory. Yeah, whatever.
I just hope that there will not be an appeal and that the Special Litigation Committee whose only rationale for being was this trial is dissolved. Then maybe we can cut the tentacles from Brewer choking the financial life out of the NRA.
As an Endowment Life Member, I’m at the point if there isn’t a stake driven through Brewer to where they no longer represent the NRA it’s dead. My money goes to organizations that recognize members which the NRA ‘once upon a time’ did.