NRA drops lawsuit, will defend against NY attorney general's corruption claims

• "In the process, the NRA had made clear it sought to escape regulatory oversight in New York," the Washington Post writes.
• The NRA also dropped its countersuit to block James' efforts on Friday.

Catch up quick: Last August, James sued the NRA over alleged corruption. She accused the group of diverting millions of dollars to NRA officials, including Chief Executive Wayne LaPierre, who has led the group for three decades.

• James alleges that failure to manage the NRA's funds has led to the loss of more than $64 million in three years. She is also seeking to oust LaPierre.
• The NRA claims that James is violating its free speech rights. Dropping the federal lawsuit will ensure the NRA's arguments are heard in the same state court in Manhattan that will oversee James' suit, per the Post.

What they're saying: "The NRA dropping its countersuit today in federal court is an implicit admission that their strategy would never prevail," James said in a statement. "The truth is that Wayne LaPierre and his lieutenants used the NRA as a breeding ground for personal gain and a lavish lifestyle."

• "[O]ur fight for transparency and accountability will continue because no one is above the law."

The other side: Friday's move "will ensure that the NRA's claims proceed promptly to discovery and a full vindication of its members' rights," NRA lawyer William Brewer said in a statement to Reuters.