WORKAROUND:
1. Go to Options > General. Under "Application data directory" section click on "Open folder"
2. Keep this folder open in Windows Explorer and Close Toad
3. In Windows Explorer, go into the User Files folder and open FmtPlus.opt with a text editor
4. Remove the [PlfOptionsOracle] section completely
For example, these lines may be removed:
[PlfOptionsOracle]
FlagRecommendations=3
CodeReviewFilter=Default 104 113 114 125 131 137 201 206 210 211 302 307 315 317 403 404 407 513 514 516 521 532 533 541 550 554 555 558
Be sure not to remove [Qp5FormatterOptions] or anything below it.
5. Save the file
6. Reopen Toad and format.
STATUS:
This issue was fixed in Toad 12.1. The latest version of Toad can be downloaded
here.