$850K BMO Bank Wisconsin Repossession Settlement, Were You One of the ~269 Affected Borrowers? Here Is How You Get Paid

Prepared by the AllAboutLawyer.com Editorial Team and reviewed for factual accuracy against the official settlement website at www.TobiasonvBMOSettlement.com and the court-filed FAQ Notice for Case No. 2024CV003245. Last Updated: May 6, 2026

BMO Bank Settlement is a Wisconsin vehicle repossession class action where approximately 269 affected borrowers can receive an automatic cash payment of roughly $1,034 — plus have their outstanding loan deficiency balances wiped out — with no claim form required. A Milwaukee County Circuit Court lawsuit accused BMO Bank, N.A. of sending repossession notices that did not contain all legally required disclosures under Wisconsin’s Uniform Commercial Code. BMO denies any wrongdoing. The proposed $850,000 settlement is awaiting final court approval on July 17, 2026.

BMO Bank Wisconsin Repossession Settlement — Quick Facts

Field	Detail
Settlement Amount	$850,000 cash fund + approximately $2,098,679 in waived deficiency balances
Claim Deadline	No claim form needed — checks mailed automatically
Who Qualifies	Wisconsin borrowers with a BMO vehicle loan repossessed between April 22, 2021 and February 11, 2026 who received a defective Notice of Sale
Payout Per Person	Approximately $1,034 per class member (pro-rata after deductions)
Proof Required	No — you were mailed a Notice if BMO identified you as a class member
Settlement Status	Preliminarily approved; final approval hearing July 17, 2026
Administrator	American Legal Claim Services, LLC — PO Box 23309, Jacksonville, FL 32241 — (888) 766-7516
Official Website	www.TobiasonvBMOSettlement.com
Last Updated	May 6, 2026

Where This BMO Settlement Stands Right Now

• The Circuit Court for Milwaukee County, Wisconsin granted preliminary approval of the proposed settlement.
• The opt-out and objection deadline is June 17, 2026 — if you want to exclude yourself or object, you must act before that date.
• The final approval hearing is July 17, 2026 at 11:00 a.m. before the Honorable Judge Michael J. Hanrahan, Milwaukee County Courthouse, 901 N. 9th Street, Courtroom 500, Milwaukee, WI 53233.
• If the Court grants final approval and no appeals follow, settlement checks will be mailed to all class members shortly after the Effective Date.

What Is the BMO Bank Lawsuit About? Ean J. Tobiason v. BMO Bank, N.A., Case No. 2024CV003245

When a bank repossesses your car in Wisconsin, the law does not let them do it however they please. Under Wisconsin Statutes §§ 409.611, 409.614, and 409.625 — Wisconsin’s version of the Uniform Commercial Code — lenders must send borrowers a Notice of Sale before selling the repossessed vehicle, and that notice must contain specific, legally required information.

Plaintiff Ean J. Tobiason filed this class action in the Circuit Court for Milwaukee County, Wisconsin alleging that BMO Bank’s Notice of Sale told borrowers they could contact BMO toll-free to learn the exact amount they owe or find out where to recover their collateral — but left out other critical disclosures required by state law. The lawsuit argues this gap in BMO’s notices violated the rights of Wisconsin borrowers whose vehicles were repossessed and sold. The consumer fraud lawsuit seeks statutory damages for every borrower who received a defective notice during the relevant period.

Related article: $25M M.D.C. Holdings Stockholder Settlement, Did You Own MDC Shares in April 2024? Here Is How You Get Paid

BMO Bank denies all allegations and maintains its notices complied with Wisconsin law. The settlement does not represent an admission of wrongdoing by BMO. For a broader look at how lenders can be held accountable for flawed repossession notices, see our guide to consumer class action lawsuits on AllAboutLawyer.com.

Were You Part of the BMO Bank Wisconsin Repossession Class? Here Is How to Tell

If you are asking yourself whether you qualify for this class action settlement, the criteria are specific and all four must apply to you.

You may be part of this class if:

• You have or had a vehicle installment consumer finance agreement (a car loan contract) held by BMO Bank, N.A.
• Your vehicle was repossessed in Wisconsin by BMO or its agents
• The repossession happened between April 22, 2021 and February 11, 2026
• BMO sent you a Notice of Sale advising you to contact them toll-free to learn the exact amount you owe or to obtain information about recovering your collateral
• You have not obtained a bankruptcy discharge that applies to that loan

You are likely NOT included if:

• Your loan was not held by BMO Bank, N.A. (a different lender handled your repossession)
• Your vehicle was repossessed outside the April 22, 2021–February 11, 2026 window
• You received a bankruptcy discharge covering that specific loan agreement
• BMO contends you still owe a balance — note that BMO may still challenge deficiency balances separately for some members

The class is limited to approximately 269 accounts. If BMO identified you as eligible, you already received a mailed Notice at your address on file. If you are unsure whether you received a notice, contact the Settlement Administrator at (888) 766-7516 or visit www.TobiasonvBMOSettlement.com.

This is a similar Wisconsin consumer protection action to the types of defective product lawsuit and auto lending cases we track at AllAboutLawyer.com, where lender notice failures trigger statutory damages under state UCC provisions.

What You Get from the BMO Bank Settlement — Cash Plus Debt Relief

This settlement delivers two types of compensation for damages, and both matter.

Cash payment: Each participating class member is expected to receive approximately $1,034 by check, mailed to the primary borrower’s address. This figure reflects the $850,000 fund after deducting estimated attorneys’ fees (up to $500,000), litigation expenses (up to $15,000), a $7,500 incentive award to the lead plaintiff, and roughly $16,000 in administration costs. Your individual check amount is pro-rata — meaning it is calculated based on the total number of participating class members.

Deficiency balance waiver: If BMO sold your repossessed vehicle and claimed you still owed money on the loan — called a deficiency balance — BMO will wipe out that balance entirely as part of this settlement. The total estimated value of those cancelled debts is approximately $2,098,679. This means many class members will walk away with not just a check, but with a debt erased.

Credit reporting relief: BMO will also request that each class member’s deficiency balance tradeline be deleted from all three major credit bureaus. If a repossession-related collection account was hurting your credit score, this deletion could provide real financial relief beyond the cash payment.

Important tax note: The cancelled deficiency balance may be reported to the IRS on a Form 1099-C as income. Consult a tax professional if you have questions about how this affects your tax filing.

No Claim Form — Here Is Exactly How the BMO Payment Reaches You

You do not need to file anything to receive your payment. Here is the process as laid out in the official settlement documents:

1. Wait for the July 17, 2026 final approval hearing — the Court decides whether the settlement is approved.
2. If approved and no appeals are filed, the settlement becomes effective.
3. The Settlement Administrator (American Legal Claim Services) processes the distribution.
4. A settlement check for approximately $1,034 is mailed to the primary obligor’s address on the loan.
5. Update your address now if you have moved — email the administrator at the address shown at www.TobiasonvBMOSettlement.com with “Change of Address” in the subject line, or mail your updated information to PO Box 23309, Jacksonville, FL 32241.
6. Cash your check within 90 days — unclaimed funds are distributed to the Wisconsin Trust Account Foundation and the Consumer Law Clinic at the University of Wisconsin.

Estimated time to receive payment: Several weeks after final Court approval on July 17, 2026, assuming no appeals.

Key Dates in the BMO Bank Wisconsin Repossession Settlement

Milestone	Date
Class Period Begins	April 22, 2021
Class Period Ends	February 11, 2026
Lawsuit Filed	2024 (Case No. 2024CV003245)
Preliminary Approval Granted	TBD — order referenced in official notice but exact date not published on settlement site
Opt-Out Deadline	June 17, 2026
Objection Deadline	June 17, 2026
Final Approval Hearing	July 17, 2026 at 11:00 a.m.
Expected Payment Date	TBD — shortly after Effective Date, pending final approval and resolution of any appeals

Frequently Asked Questions

Is there a class action lawsuit against BMO Bank for vehicle repossessions?

 Yes. Ean J. Tobiason v. BMO Bank, N.A., Case No. 2024CV003245, is pending in the Circuit Court for Milwaukee County, Wisconsin. It alleges BMO’s post-repossession notices violated Wisconsin Statutes §§ 409.611, 409.614, and 409.625. A $850,000 settlement has been proposed and is awaiting final approval on July 17, 2026.

Do I need to do anything right now to receive my BMO settlement payment?

 No. If you are a class member, your payment will be mailed automatically after final court approval. The only action required is to update your mailing address with the Settlement Administrator if you have moved since your repossession.

How much will I receive from the BMO Bank settlement? 

Each participating class member is expected to receive approximately $1,034 by check. The exact amount is pro-rata and will be finalized after the Court approves attorneys’ fees, the $7,500 incentive award, and administration costs from the $850,000 fund.

Do I need a lawyer to participate in this settlement?

 No. Class Counsel — Robert W. Murphy, Matthew C. Lein, and Nathan E. DeLadurantey — has already been appointed by the Court to represent all class members at no charge to you. Their fees come from the settlement fund. If you want to hire your own attorney, you may do so at your own expense.

When will I receive my settlement check from BMO?

 The final approval hearing is July 17, 2026. If the Court approves and no appeals are filed, checks will be mailed shortly after the Effective Date. Monitor www.TobiasonvBMOSettlement.com for distribution updates.

What if I want to opt out of the BMO settlement?

 You must mail a signed letter with your full name, address, and phone number stating you want to be excluded from the Tobiason v. BMO Bank settlement. It must be received by June 17, 2026 by the Settlement Administrator, Class Counsel, and BMO’s counsel at the addresses listed in the official FAQ at www.TobiasonvBMOSettlement.com. You cannot opt out by phone or email.

Will the cancelled BMO deficiency balance affect my taxes?

 Possibly. BMO may issue a Form 1099-C reporting the cancelled deficiency balance as income to you. The IRS treats forgiven debt as taxable income in many circumstances. Review IRS Topic 431 at irs.gov and consult a tax professional to understand how this applies to your situation before the settlement is finalized.

Is the BMO Bank settlement legitimate? 

Yes. It is a proposed class action settlement authorized by the Circuit Court for Milwaukee County, Wisconsin, Case No. 2024CV003245. The Settlement Administrator is American Legal Claim Services, LLC, a nationally recognized administrator. Contact them at (888) 766-7516 or through www.TobiasonvBMOSettlement.com.

Sources & References

• Official Settlement Website — TobiasonvBMOSettlement.com
• Official FAQ Notice — TobiasonvBMOSettlement.com/page/faq

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Legal claims and outcomes depend on specific facts and applicable law. For advice regarding a particular situation, consult a qualified attorney.