More than $1.3 million was embezzled from General Automation, Inc. General’s payroll deposit checks were made payable to its bank, American National Bank and Trust. General’s accountant got the checks before they were deposited with the bank, and deposited them in his personal account.
General Automation settled its claims against the accounting firms with which its embezzler-accountant was associated. General then assigned its claims against American National Bank to Continental Casualty Company, which was the insurer of one of the accounting firms. As assignee, Continental sued American National Bank for breach of contract and violation of the Illinois Fiduciary Obligations Act.
American National asked for and received summary judgment from the trial court. Continental appealed.