Jewelers Mutual Insurance v. Firstar Bank Illinois

In the fall of 1996, more than $1 million worth of loose diamonds and fine jewelry were stolen from three safety deposit boxes that defendant Firstar Bank Illinois (Firstar) rented to jewel dealers at one of its Chicago branches. Plaintiff Jewelers Mutual Insurance Company (Jewelers Mutual), a subrogee of boxholders Annaco Corporation (Annaco) and Irving M. Ringel, Inc. (Ringel), sued the bank under theories of breach of contract and negligence for the loss of the boxes’ contents. In a separate action, the third boxholder, plaintiff Bachu Vaidya, sued the bank under the same theories. In both…