BofA Can’t Bleed Child Actor Trusts, Calif. Appeals Court Rules

Law360, Los Angeles (April 28, 2015, 9:48 PM ET) — A California appeals court on Monday revived a putative class action against Bank of America NA and ruled banks cannot pull service fees without court approval from so-called Coogan trusts, which are designed to protect the earnings of child entertainers.

Named plaintiffs Jasmine Phillips and Anesha Coleman had alleged 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 person or entity without express court permission until a beneficiary…

Source: Law360

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