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/2017/01/young-viggo-mortensen.jpg
Viggo Mortensen on His First Movie Role and Why It Didn’t Bring Him Instant Success
"I’ve always stuck to a similar approach with each job. Show up on time and prepared, and pay attention." - Viggo Mortensen
http://www.dailyactor.com/wp-content/uploads/2017/01/Octavia-Spencer-Hidden-Figures.jpg
Octavia Spencer on Period Pieces: “I don’t come out of the time period; I stay in it”
"I listen to music of the time and I only deal with family and friends that are on the film" - Octavia Spencer
http://www.dailyactor.com/wp-content/uploads/2017/01/Tom-Hardy-Taboo.jpg
Tom Hardy on How He Prepared for His Role in ‘Taboo’
"I really think about acting in two different parts. There’s convincing and not convincing acting." - Tom Hardy
http://www.dailyactor.com/wp-content/uploads/2017/01/greta-gerwig.jpg
Greta Gerwig’s Advice to New Actors: “Make your own things”
"When I suddenly feel like I can't find my footing, I listen to a song or look at a photograph or read an essay, and reconnect with what I felt the essence of the character was." - Greta Gerwig
http://www.dailyactor.com/wp-content/uploads/2017/01/viggo-mortensen-captain-fantastic.jpg
Viggo Mortensen on How He Became an Actor
"It didn’t occur to me to try acting it until I was, for an actor, relatively pretty old — 22 or 23." - Viggo Mortensen