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Individuals whose vehicle BMO Bank repossessed in Wisconsin between April 22, 2021, and Feb. 11, 2026, and who had a vehicle installment consumer finance agreement with the bank may be eligible to receive approximately $1,034 and additional relief from a class action settlement.
BMO Bank N.A. agreed to pay $850,000 to resolve a class action lawsuit alleging its repossession notices did not comply with Wisconsin law.
Who are the class members?
Class members must meet all of the following criteria:
- They had or have a vehicle installment consumer finance agreement (loan agreement) with BMO Bank N.A. under which the bank held their vehicle or other personal property as collateral.
- BMO or his agents repossessed their vehicle in Wisconsin between April 22, 2021, and Feb. 11, 2026.
- They have not obtained a discharge in bankruptcy that applies to the relevant loan agreement.
- They received a notice of sale from BMO that included the language, “to learn the exact amount you owe or to obtain information about from whom the collateral may be recovered, you can contact us toll free ...”
There are approximately 269 to 301 accounts included in the class. Individuals who received a notice about this settlement most likely meet these criteria.
How much can class members get?
- Cash payment: BMO will pay $850,000 into a settlement fund. After deducting attorneys’ fees, litigation costs, settlement administration expenses and an incentive award for the representative plaintiff, the settlement administrator will distribute the remainder to class members on a pro rata basis. The estimated payment per class member is about $1,034.
- Waiver of deficiency balances: BMO will forgive all outstanding or deficiency balances class members allegedly owed on the relevant loan agreements. The total amount of these waived balances is estimated at $2,098,679.43 (not including interest).
- Credit report relief: BMO will request that credit monitoring agencies delete negative tradeline information related to the deficiency balance from each class member’s credit report.
No action needed to receive compensation
Class members do not need to file a claim to receive a settlement payment. The settlement administrator will automatically mail checks to the last known address of the primary obligor on the loan agreement after the settlement receives final court approval and becomes effective.
Class members who need to update their address can do so by logging in to the settlement website with the notice ID and PIN from the settlement notice they received, emailing info@tobiasonvbmosettlement.com (include “change of address” in the subject line and provide the class member's full name, previous address, current address and notice ID) or sending a letter to the settlement administrator with the same information.
Settlement administrator's mailing address: Tobiason Class Action, c/o Settlement Administrator, PO Box 23309 ,Jacksonville, FL 32241
Payout options
The settlement administrator will mail checks to the last known address of the primary obligor on the loan agreement. If there are joint obligors, the administrator will issue the check jointly and mail it to the primary obligor.
If the class member does not cash the check within 90 days, the administrator will donate the funds to the Wisconsin Trust Account Foundation Inc. and the Consumer Law Clinic of the University of Wisconsin to support direct delivery of legal services to persons of limited means in noncriminal matters.
$850,000 settlement fund breakdown
The $850,000 settlement fund includes:
- Settlement administration costs: Estimated $16,000
- Attorneys’ fees: Up to $500,000
- Attorneys’ expenses: Up to $15,000
- Service award to class representative: $7,500
- Payments to approved class members: Estimated $311,500
BMO Bank will also waive an estimated $2,098,679.43 in deficiency balances class members allegedly owe don the relevant loan agreements.
Important dates
- Exclusion (opt-out) deadline: June 17, 2026
- Final approval hearing: July 17, 2026
When is the Tobiason v. BMO Bank payout date?
The settlement administrator will mail payments to class members shortly after the settlement receives final approval and becomes effective.
Why is there a class action settlement?
This lawsuit alleged that BMO Bank N.A. sent repossession notices to Wisconsin consumers that did not contain all the information and disclosures required by state law. Specifically, the lawsuit claimed violations of the Wisconsin Uniform Commercial Code, including Wis. Stat. §§ 409.611, 409.614 and 409.625.
BMO denied any wrongdoing or liability but agreed to settle the case to avoid further litigation and expense.
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