Continental Casualty Company v. American National Bank and Trust Company of Chicago

              FOURTH DIVISION
September 25, 2008
No. 1-07-0627
CONTINENTAL CASUALTY COMPANY, ) Appeal from the
as Assignee of General Automation, Inc., ) Circuit Court of
) Cook County.
Plaintiff-Appellant, ))
v. ) No. 02 L 10005
)
AMERICAN NATIONAL BANK AND TRUST )
COMPANY OF CHICAGO, ) Honorable
) Daniel J. Kelley,
Defendant-Appellee. ) Judge Presiding
JUSTICE O'BRIEN delivered the opinion of the court:
Plaintiff, Continental Casualty Company, as assignee of General Automation, Inc.
(hereinafter GAI), appeals the order of the circuit court granting summary judgment in favor of
defendant, American National Bank & Trust Company of Chicago (hereinafter ANB), on
plaintiff's action for breach of contract and violation of section 9 of the Illinois Fiduciary
Obligations Act (760 ILCS 65/9 (West 1996)). We reverse the entry of summary judgment and
remand for further proceedings thereon.
From 1992 until approximately July 1994, Lawrence Cohn was a partner with the
accounting firm of Friedman Eisenstein Raemer & Schwartz, LLP (hereinafter FERS). From
approximately July 1994 to May 1996, Mr. Cohn was a partner in the accounting firm of Mann
Cohn Weitz, LLC (hereinafter MCW). GAI was a client of Mr. Cohn. Plaintiff was MCW's
insurer.
While at FERS and MCW, Mr. Cohn embezzled $1.32 million from GAI. Specifically,
while Mr. Cohn was a partner at FERS in 1992 and 1993, GAI's president and owner, Max Starr,