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/2017/08/alison-brie-glow.jpg
Alison Brie on ‘Glow’: “I had to audition many times”
"Of course when you're told that they don’t think your right for it, I was even more fired up to prove them wrong." - Alison Brie on Auditioning for 'Glow'
http://www.dailyactor.com/wp-content/uploads/2017/08/anson-mount-inhumans.jpg
Marvel’s Inhumans: How Anson Mount Developed Black Bolt’s Communication
"I tend to be more interested in a character’s weaknesses than I do their strengths and in a comic book/graphic novel space, it’s easy to lose sight of that, you know?" - Anson Mount
http://www.dailyactor.com/wp-content/uploads/2017/08/Jodie-Whittaker.jpg
Jodie Whittaker on Becoming the First Female Doctor Who
"To be asked to play the ultimate character, to get to play pretend in the truest form: This is why I wanted to be an actor in the first place." - Jodie Whittaker
http://www.dailyactor.com/wp-content/uploads/2017/08/watch-sag-conversations-with-act.jpg
Watch: SAG Conversations with Actors from Broadway’s ‘Hamilton’
The cast speaks about filling the big shoes of the original cast and performing in perhaps the most popular American musical in decades.
http://www.dailyactor.com/wp-content/uploads/2017/08/watch-sag-conversations-with-bil.jpg
Watch: SAG Conversations with Billy Bob Thornton of ‘Goliath’
Thornton talks about playing a character that some would say is fairly typical for him as well as his career as a whole.