Centennial Bank Force-Placed Insurance Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

Centennial Bank is spending a maximum of $730,000 to settle a class action alleging it engaged in illegal conduct relating to charges for force-placed insurance on real property in the US or its territories. The complaint alleged breach of contract, breach of the covenant of good faith and fair dealing, and unjust enrichment.

Docket Number:


Company: Centennial Bank

Filing Deadline: April 3, 2023

Class Period: October 1, 2013 to December 31, 2019

Objection Deadline: April 3, 2023

Exclusion Deadline: April 3, 2023

Final Approval Hearing: May 2, 2023

Proof of Purchase:

The Claim Form asks for the loan number and reserves the right to request additional documentation.


You may be eligible if you were a borrower and, between October 1, 2013 and December 31, 2019, you were charged by Centennial or its affiliates and not fully refunded for hazard, windstorm, or flood insurance force-placed on real property located in the US or its territories (except for real property in Alabama, for which the class period is between October 1, 2012 and December 31, 2019). For the purpose of this settlement, mobile homes count as real property if they were insured under a real-property master insurance policy.

Typical Settlement Amount:

Payment by check or electronic transfer of an amount equal to 9% of the net premium charged for the force-placed insurance. If the amounts of all claims exceed the maximum payment for this settlement, payments will be reduced on a pro-rata basis.

Total Settlement Amount: Up to $730,000

Class Representative Proposed Incentive Fee:


Law Firms:
Kopelowitz Ostrow Ferguson Weiselberg
Law Offices of Greg L. Davis
Scott + Scott Attorneys at Law LLP

Claim Form: Centennial Bank Settlement Claim Form

Case Name: Penton v. Centennial Bank et al

Settlement Website: Centennial Bank Settlement Website

Claims Administrator:
Analytics Consulting, LLC

Claims Administrator Contact Information:

Penton v. Centennial Bank
c/o Analytics Consulting LLC
P.O. Box 2003
Chanhassen, MN 55317-2003

Tags: Forced Placed Insurance, Insurance