Centennial Bank $5.2M Data Breach Settlement

If you received a notification from Centennial Bank regarding a data breach in 2022 or 2023, you may be eligible to claim up to $4,000 from a class action settlement.

Centennial Bank has agreed to pay $5,200,000 to settle a class action lawsuit for alleged failures in securing customer data that led to unauthorized access to private information.

Who are eligible for payouts?

Class members include individuals who received notification from Centennial Bank that their private information was potentially compromised in the 2022 or 2023 data incidents.

The class is divided into two groups:

• Individuals notified about the July 2022 data incident
• Individuals notified about the April 2023 data incident

How much are the payouts?

• Documented Losses: Up to $4,000 for documented out-of-pocket losses related to the data breach.
• Flat Cash Payment: $50, subject to pro rata increase or decrease, for those who do not have documented losses.
• Additional Payment for 2022 Subclass: An extra $50 for those affected by both data incidents.

The total potential award ranges from $50 to $4,100, depending on the documentation of losses and subclass membership. The settlement fund is subject to pro rata adjustments, meaning if the total claims exceed the settlement fund, payments may be reduced proportionally. Conversely, if claims do not exhaust the fund, payments may be increased.

How to claim a payout

Class members must submit a claim form by the deadline. Claims can be filed online or by mail. Visit the official settlement website to file a claim online or download the claim form when the website goes live. We will update this page when that happens.

Claimants must provide documentation to support claims for out-of-pocket losses. For the flat cash payment, no documentation is required beyond attesting to class membership.

• Documented Losses: Requires documentation such as receipts or bank statements.
• Flat Cash Payment: Requires attestation of class membership only.

Claim instructions

1. Visit the official settlement website to access the claim form.
2. Complete the form with your personal information and unique ID.
3. Indicate whether you are claiming documented losses or a flat cash payment.
4. Attach any necessary documentation for documented losses.
5. Submit the form online or mail it to the provided address.

Payment methods

Class members can receive payments via:

• Electronic transfer
• Paper check

$5.2 Million settlement fund

The settlement fund of $5,200,000 will cover:

• Payments to class members
• Attorneys' fees of up to $1,733,333
• Service awards for class representatives
• Administrative costs

Important dates

• Deadline to File a Claim: TBD
• Final Approval Hearing: TBD

When is the Centennial Bank Data Breach payout date?

Awards will be paid after the final approval hearing and any appeals are resolved.

Why is there a Centennial Bank class action settlement?

The lawsuit alleged that Centennial Bank failed to implement adequate security measures, leading to unauthorized access to customer data. The settlement avoids the costs and risks of continued litigation.