The Delaware Court of Chancery on Monday ruled that an assignment agreement did not obligate three units of Quiznos to indemnify or pay the legal fees of former executives, who had to defend fraud claims stemming from the company’s out-of-court restructuring in 2012.
In a 40-page memorandum opinion, Vice Chancellor J. Travis Laster said that while the sandwich-maker’s post-restructuring parent company QCE would be responsible for paying indemnification and advancement, Quiznos subsidiaries Quiz-DIA, Quizmark and QCE Gift Card LLC were off the hook.
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