Bank of America Sued by Child Actors for Depleting Trust Funds with Bank Fees

bank-of-america-child-actorsIn the last several years Bank of America, one of the largest banks in the United States, has come under fire for a number of its business practices.  The latest complaint aimed at Bank of America involves child actors, with the banking giant facing a class action lawsuit for charging child actors’ trust accounts with monthly service fees.

According to the lawsuit filed by the law firm Markun Zusman & Compton, Bank of America is illegally withdrawing money from child actors’ so-called “Coogan Accounts,” a special type of trust fund created by the California legislature with the Coogan Act.   The Coogan Act was named after Jackie Coogan (a child actor who starred alongside Charlie Chaplin as the titular scamp in The Kid), who sued his mother in 1938 after discovering that the millions of dollars he had earned as a child actor had been spent by his mother and stepfather on luxuries (even after the lawsuit, Coogan only ended up with a fraction of earnings).  The California Child Actor’s Bill, known as “The Coogan Act”, was passed the following year and ensures that 15% of a child actor’s earnings are placed in a trust fund that can only be accessed when the child actor turns 18 or is legally emancipated from his or her parents. 

But Bank of America is accused of taking monthly service charges out of the accounts for perhaps as many as 15,000 child actors.  In fact, the bank is even accused of depleting many of the accounts with fees, leading to some child actors actually owing the bank money once they can legally access the accounts.

Bank of America has yet to respond to the lawsuit.

via ABC News

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Latest Videos

http://www.dailyactor.com/wp-content/uploads/2014/04/director-david-gordon-greene-nar.jpg
Director David Gordon Green Narrates a Scene From ‘Joe’
Director David Gordon Green narrates a sequence from his new film, Joe, featuring Nicolas Cage and Tye Sheridan. In the video, he mentions his reasons why he likes to hire non-traditional actors. He likes people who have real skill-sets and not actors who have the skills on their resume. He also talked about this in […]
http://www.dailyactor.com/wp-content/uploads/2014/04/david-gordon-green-joe.jpg
Director David Gordon Green: “I find actors in unusual places”
I keep missing screenings of director David Gordon Greene‘s new film, Joe. I hear it’s really good so I’m looking forward to catching it at some point. Joe stars Nicholas Cage as ex-con Joe Ransom, who isn’t the greatest of role models until he meets a 15-year-old boy (Mud‘s Tye Sheridan). In this featurette, Green […]
http://www.dailyactor.com/wp-content/uploads/2014/04/judy-greer-i-dont-know-why-you-know-me-from.jpg
Please Don’t Say These Things To Judy Greer (video)
Judy Greer - who we love here at Daily Actor – has a new book called, I Don’t Know What You Know Me From (Confessions of a Co-Star), a series of essays about her life as an actress, friend and someone who everyone thinks they might know. Here’s a blurb about the book: “Want to […]
http://www.dailyactor.com/wp-content/uploads/2014/04/Captain-America-SamuelNick-Fury.jpg
How Samuel L. Jackson Learns His Lines for the Marvel Movies (video)
Samuel L. Jackson stopped by Good Morning America earlier this week to talk about Captain America: The Winter Soldier – which is terrific, by the way – and he told Robin Roberts that for the first Cap film, he had trouble learning his lines. “I sat at home and I did all my studying, and […]
http://www.dailyactor.com/wp-content/uploads/2014/04/andy-karl-margot-seibert-rocky.jpg
Andy Karl and Margo Seibert Talk ‘Rocky: The Musical’ on ‘Today’
Andy Karl and Margo Seibert, the stars of Rocky: The Musical, talked to Today‘s Matt Lauer about the new Broadway musical. Karl talks about the final fight and taking on the iconic role. This is Seibert’s Broadway debut and she’s asked about her callbacks (9 in all!) and more. Check it out!