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Piggybankblog posted on 09/20/12
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Cross linked with abcnews.com
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, (Piggybankblog adds: He was Uncle Fester on Adams Family) 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.
“In some instances, the funds were completely depleted,” said Markun. “So, somebody might have had money in an account and over the years Bank of America took out the money and by the time the person become 18 they actually owed the bank money.”
Plaintiffs include Jasmine Phillips aka Jasmine Gonzales, as trustee for Alex Gonzales, and Anesha Coleman as trustee for Jadon Monroe.
Although the class seeks compensatory damages for unfair business practices.
……………………………(Image credit: Hulton Archive/Getty Images)
as well as an injunction, Markun said he would rather see the bank “do the right thing and reimburse these children rather than go through legal shenanigans. We hope that they really look at the law and what they did and do the right thing.”
A spokesperson for Bank of America told ABC News that the company was reviewing the case and could not comment. (End of Article)
John Wright says: B of A actually illegally debited credit card money owed out of my cousins Trust account that I was just a Trustee for last year. Someone there at their Charlotte headquarters did it to potentially retaliate for me doing piggybankblog.com. However, they did fix it to my satisfaction in the end thanks to one of their star executives that sits around the table with Brian T. Moynihan. We are now friendly with one another.
His name is Jackie Coogan AND HE FOUGHT BACK!
All Rise! The Honorable Judge Wright has left The Courtroom of Public Opinion!
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