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

http://www.dailyactor.com/wp-content/uploads/2016/05/kristen-dunst-fargo.jpg
Kirsten Dunst: Auditions are “the most stressful thing to me on the planet Earth”
Despite being a well-known actress with dozens of credits, Kristen Dunst tells Variety that she still thinks of auditions as “the most stressful thing to me on the planet Earth.” Most audiences first became familiar with Dunst after her appearance as the young vampire Claudia in 1994’s Interview with the Vampire, but Dunst confesses that […]
http://www.dailyactor.com/wp-content/uploads/2016/05/Jessie-Mueller-Waitress.jpg
Jessie Mueller on Following up ‘Beautiful’ with ‘Waitress’: “I think early on I did feel little bit of pressure”
"I was taken with theater from the beginning, it was the coolest thing for me." - Jessie Mueller
http://www.dailyactor.com/wp-content/uploads/2016/05/Sean-Hayes-An-Act-of-God.jpg
Sean Hayes on Why He Loves Theater and His Return to Broadway in ‘An Act of God’
"I think one of the worst mistakes an actor can make is run away from the role that made them beloved in the first place, that gave them an audience." - Sean Hayes
http://www.dailyactor.com/wp-content/uploads/2016/05/zachary-levi-she-loves-me.jpg
Zachary Levi on Starring in Broadway’s ‘She Loves Me’: “Honestly, the biggest challenge is just my own brain”
“My whole life, all I’ve ever wanted to do was be an actor and an entertainer and make people happy and also feel like I belonged" - Zachary Levi
http://www.dailyactor.com/wp-content/uploads/2016/05/Ewan-McGregor-Last-Days.jpg
Ewan McGregor Talks Playing Jesus and the Devil in ‘Last Days in the Desert’
"I was just trying to play him like any other role, really. Who do I think he was? Who do I want him to be in this story?" - Ewan McGregor