Ms James said that the four named defendants - Mr LaPierre, Wilson Phillips, Joshua Powell and John Frazer "instituted a culture of self-dealing, mismanagement and negligent oversight at the NRA that was illegal, oppressive and fraudulent".
The attorney general outlined a litany of charges against the defendants, but accused Mr LaPierre, long the face of the powerful gun lobby group, of being the "central figure" behind the organisation's wrongdoings.
One example of misconduct alleged in the lawsuit states that Mr LaPierre visited the Bahamas more than eight times by private plane using funds intended for the NRA, for a total cost of $500,000 (£380,225).
The corruption "is so broad", Ms James said, that total dissolution of the organisation is necessary.