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Child Actors Sue Bank of America

September 24, 2012

Bank of America is once again in the hot seat, this time for allegedly withdrawing money from child entertainers’ bank accounts, according to a recent class action lawsuit.
According to the complaint, Bank of America charged child actors’ Coogan Accounts (aka Blocked Trust Accounts or Trust Accounts) monthly service fees, which is illegal.
The Coogan Law, named after child star Jackie Coogan, who sued his mother as an adult after learning she had spent millions of dollars he made as a child star, requires an employer to set aside 15 percent of a child actors’ gross earnings in trust and placed in an account that’s only accessible when the minor is emancipated from his parents or turns 18.
“The law presents any withdrawals from a Coogan Account until the child becomes 18 or emancipated,” David Markun, a lawyer with Markun Zusman & Compton, who is representing the plaintiffs, told ABC News. “But Bank of America took out monthly service charges. We believe service charges are a withdrawal.”
Markun and attorney Daria Carlson, who is also working on the case, estimate that as many as 15,000 child actors could be affected by BOFA’s actions over the last four years. Read More