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/2015/07/Ian-McKellen-Mr-Holmes.jpg
Ian McKellen on CGI, the One Character He Wants to Play and Why He Doesn’t Like Being Called “Sir”
"Each part will have its challenges and I like that because if you're trying to solve a problem you're fully engaged" - Ian McKellen
http://www.dailyactor.com/wp-content/uploads/2015/07/kit-harington-game-of-thrones.jpg
Kit Harington: “You got into this job to play roles and depict characters, celebrity is an unfortunate side effect”
“I kind of weirdly fell into being an action hero…I have no f— idea how that happened. You have to remind people that you want to act rather than just run around" - Kit Harington
http://www.dailyactor.com/wp-content/uploads/2015/07/dustin-hoffman.jpg
Dustin Hoffman: “It’s the worst that film has ever been – in the 50 years that I’ve been doing it”
“I was a freak accident, so I got a lead that happened to be The Graduate and it was like a light switch went on and I was an instant star" - Dustin Hoffman
http://www.dailyactor.com/wp-content/uploads/2015/06/channing-tatum-magic-mike-xxl.jpg
Channing Tatum’s Reddit AMA Covered Everything from ‘Magic Mike XXL’, His “Bad” Acting in ‘Step Up’ and Frozen Poop
"I do get nervous to act, it kind of depends on what it is really." - Channing Tatum
http://www.dailyactor.com/wp-content/uploads/2015/06/true-detective-taylor-kitsch.jpg
Taylor Kitsch on Living Up to Season One of ‘True Detective’ and Sleeping on New York City Subways
"I had someone very close to me say to me that hopefully I’ll have many more ups and downs, not in just my career but in life. If you don’t have that, you’re not taking enough risks." - Taylor Kitsch