MINNEAPOLIS, March 17 /PRNewswire/ -- Olympic Financial Ltd. (NYSE: OLM)
("Olympic") announced today that certain shareholders have commenced an action
against Olympic challenging the Company's reporting and disclosure standards
in the United States District Court for the Eastern District of New York.  The
plaintiffs seek certification of the case as a class action.  Olympic stated
that after reviewing the complaint, it believes that the suit is without
merit.
    The Company stated that the action filed in the Eastern District of New
York is substantially similar to an action previously filed in the District of
Minnesota on March 4, 1997.  The Company added that it expects the two cases
to be consolidated and disposed of together.
    Richard A. Greenawalt, Olympic's President and Chief Executive Officer
commented, "Consistent with past statements, the Company's policy has always
been, and will continue to be, complete and accurate disclosure.  We fully
intend to contest this suit and expect to be successful."
    Olympic Financial Ltd. is a Minneapolis-based consumer finance company
which purchases, sells and services retail installment contracts for new and
used automobiles originated by more than 7,700 dealers nationwide.  Olympic is
the largest independent provider of automobile financing.  The Company, which
was founded in 1990, has Regional Buying Centers in Arizona, Northern and
Southern California, Colorado, Florida, Georgia, Massachusetts, Minnesota,
Missouri, New York, North Carolina, Ohio, Tennessee, North, South and West
Texas and Washington.  The Company acquires loans through 17 Regional Buying
Centers and has expanded its dealer network to include dealers in 40 states.

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