Error: "02/29/1960" is not a valid date value when importing from an Excel file (4305494)

When I import from an excel file, the 'Preview Results' flags a field in red as an <error>. If I continue with the import, the following error is displayed:

Error parsing Data in row #2

"2/29/1960" is not a valid date value

Continue?

If I continue, then the 'erroneous' row is not imported.

2/29/1960 is a valid date because it's a leapyear

Option 'four digit years' was not checked in the 'Specify Source Data Details' window

WORKAROUND

Check option 'four digit years'

STATUS

Waiting for fix in a future release of Toad for Oracle