BofA Wrongly Withdraws Fees From Child Actor Accounts: Suit

Law360, New York (September 19, 2012, 4:39 PM EDT) -- Bank of America NA was hit with a putative class action in California state court Tuesday, accusing the banking giant of making illegal withdrawals from so-called Coogan trusts, which are designed to protect the earnings of child entertainers.

According to the plaintiffs, Jasmine Phillips and Anesha Coleman, the bank’s withdrawals from the trust accounts of their actor children, including withdrawals for monthly service fees, violate California law, which prevents withdrawals from the accounts by any individual or entity without express court permission until a beneficiary turns...
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