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

  • Pin It

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

http://www.dailyactor.com/wp-content/uploads/2014/12/watch-andy-serkis-talks-motion-c.jpg
Watch: Andy Serkis Talks Motion Capture, His Career and More
This week saw the release of the final film in The Lord of the Rings saga, The Hobbit: The Battle of the Five Armies. Out of the dozens of actors who appeared in the series, the one whose career was most defined by the six-film franchise is Andy Serkis, who portrayed Gollum in the series […]
http://www.dailyactor.com/wp-content/uploads/2014/12/dan-stevens-summer-in-february.jpg
Dan Stevens Recalls When Shia LaBeouf Disrupted One of His Broadway Performances: “I wish I’d had a broadsword then”
Though Night at the Museum: Secret of the Tomb is billed as the final movie in the fantasy series, it still incorporates some new blood into the mix alongside franchise favorites like Ben Stiller and Robin Williams. The most significant new addition is Dan Stevens of Downton Abbey, who plays Lancelot. Lancelot doesn’t realize that […]
http://www.dailyactor.com/wp-content/uploads/2014/12/bradley-cooper-the-elephant-man.jpg
Bradley Cooper Takes A Grad School Dream To The Broadway Stage With, ‘The Elephant Man’
Bradley Cooper is proving to be an actor who wants a career defined by strong work. Instead of solely relying upon franchises like The Hangover, the Oscar nominee is mixing it up again between the big screen and the stage. Cooper is starring in The Elephant Man on Broadway this theatre season. It’s a role […]
http://www.dailyactor.com/wp-content/uploads/2014/12/bob-balaban-a-delicate-balance.jpg
Bob Balaban on Being a Character Actor: “It’s what I do and who I am and I really enjoy it”
With Glenn Close and John Lithgow in the cast of Broadway’s A Delicate Balance, it’s okay if you didn’t notice that veteran actor Bob Balaban is also in the cast. Balaban, who is probably best known for his roles in Christopher Guest‘s mockumentaries and for his supporting roles in dozens of other films, has returned […]
http://www.dailyactor.com/wp-content/uploads/2014/12/michael-c-hall-hedwig.jpg
Michael C. Hall on His Broadway Life After ‘Dexter': “There was a desire to perform an exorcism”
When it was announced that Michael C. Hall was replacing Andrew Rannells in Hedwig and the Angry Inch on Broadway, it was a bit of a surprise. It wasn’t that people thought Hall couldn’t pull off the role of a transgender rock star — he was previously on Broadway as the Master of Ceremonies in […]