Centennial Bank $5.2M Data Breach Class Action Settlement

If you received a notice from Centennial Bank informing you that your private information may have been compromised in data incidents that occurred in July 2022 or April 2023, you may qualify to submit a claim for a cash payment of up to $4,000 from a class action settlement.

Centennial Bank (now known as Happy State Bank) has agreed to pay $5.2 million to resolve allegations that it failed to implement adequate security measures to protect sensitive customer information.

Who is eligible to for a Centennial Bank payment?

• Individuals who received notice from Centennial Bank informing them their private information may have been compromised in a 2022 or 2023 data incidents.
• There is a subclass of customers who were impacted by both the July 2022 and the April 2023 data incidents.

How much is the data breach class action settlement payout?

Class members can select one of two options:

• Out-of-Pocket Losses: You can claim up to $4,000 for documented expenses directly related to the data breach. This includes costs like identity theft protection, credit monitoring, and other expenses incurred as a result of the breach.
• Pro-rata Cash Payment: Class members that do not submit for an Out-of-Pocket claim can submit for a cash payment of approximately $50. Final amount will be determined by the number of valid claims filed.
• Additional Pro-rata Cash Payment: Subclass members will receive an additional estimated $50 payment. Final amount determined by the number of approved claims.

How to claim a data breach class action payment

To claim a settlement payout, you must submit a claim form by the deadline of May 6, 2025. You can file a claim online or download and print the PDF claim form and mail it to the settlement administrator.

Settlement Administrator's mailing address: Centennial Bank Data Settlement c/o Settlement Administrator, 1650 Arch Street, Suite 2210, Philadelphia, PA 19103

Is documentation required to receive a settlement payout?

• Notice ID and Confirmation Code required to submit.
• Out-of-Pocket Losses: Proof is required, such as bank or credit card statements, invoices for professional services, and documentation showing unpaid time off of work to deal with data breach issues.

Centennial Bank data breach payment options

• Paper check by mail to the address provided
• Electronic payment is also available for online submitters

$5.2 Million settlement fund breakdown

The settlement fund of $5,200,000 million will cover various expenses and payments:

• Settlement administration costs: To be approved by the court at a later date
• Attorneys' fees: $1,733,333
• Attorneys' expenses: $30,000
• Service awards to class representatives: Up to $3,000 each
• Payments to class members with valid claims: Remaining balance after other expenses

Important dates

• Fairness Hearing: May 22, 2025
• Deadline to File a Claim: May 6, 2025

When is the Centennial Bank class action settlement payout date?

The final approval hearing is scheduled for May 22, 2025. Payments to approved claimants will be distributed after the judge grants the settlement final approval.

Why was there a class action settlement?

The lawsuit alleges Centennial Bank failed to protect private information adequately, leading to unauthorized access in two different data breaches. The settlement avoids the risks and costs of ongoing litigation and a trial.

Sources

1] [Official Settlement Website