FIRSTPLUS to Vigorously Defend Life Financial Corp. Suit

Business Wire, Oct 23, 1998

DALLAS--(BUSINESS WIRE)--Oct. 22, 1998--Today FIRSTPLUS Financial Group, Inc. (NYSE: FP) announced that it is aware of the suit filed against it by Life Financial Corp., but has not yet been served with the suit.

FIRSTPLUS stated that it believes the suit is without merit and intends to vigorously defend the suit. FIRSTPLUS also stated that its defense of the suit may include seeking declaratory relief, seeking a summary dismissal of the suit and seeking sanctions against Life Financial Corp. and its attorneys for filing the suit. Said Daniel T. Phillips, chairman and CEO: "We believe that we have complied in good faith with our obligations under the agreement and plan of merger entered into with Life Financial Corp."

FIRSTPLUS Financial Group, Inc. is a diversified consumer finance company that originates and sells consumer finance receivables. FIRSTPLUS is headquartered in Dallas and has five regional offices and a network of origination branches in the United States.

The above statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties. The actual results of the future events described in such forward-looking statements in this press release could differ materially from those stated in such forward- looking statements. Among the factors that could cause actual results to differ materially are: short-term interest rate fluctuations, level of defaults and prepayments, general economic conditions, competition, government regulation and possible future litigation, as well as the risks and uncertainties discussed in the Company's Current Report on Form 8-K, dated December 19, 1996, including without limitation, the uncertainties set forth from time to time in the Company's other public reports and filings and public statements.