Featured Stories
Littler: New York Department of Labor Issues Guidance on "Trapped at Work Act"
SAN FRANCISCO, California, Oct. 23 -- Littler, a law firm, issued the following news:
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New York Department of Labor Issues Guidance on "Trapped at Work Act"
By Michael Paglialonga and Paul R. Piccigallo
October 22, 2026
At a Glance
* NYSDOL confirms that the Trapped at Work Act applies to new agreements, or new or amended terms in existing agreements, entered into on or after December 19, 2026.
* Truly voluntary repayment agreements that are separate from accepting or maintaining employment fall outside the Act's prohibition.
* The guidance clarifies permissible repayment triggers,
... Show Full Article
SAN FRANCISCO, California, Oct. 23 -- Littler, a law firm, issued the following news:
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New York Department of Labor Issues Guidance on "Trapped at Work Act"
By Michael Paglialonga and Paul R. Piccigallo
October 22, 2026
At a Glance
* NYSDOL confirms that the Trapped at Work Act applies to new agreements, or new or amended terms in existing agreements, entered into on or after December 19, 2026.
* Truly voluntary repayment agreements that are separate from accepting or maintaining employment fall outside the Act's prohibition.
* The guidance clarifies permissible repayment triggers,educational expenses, misconduct, and optional advances of performance-based payments and paid leave.
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The New York State Department of Labor (NYSDOL) issued guidance on the Trapped at Work Act, addressing several important questions about existing agreements, voluntary benefits, and permissible repayment obligations, about which we reported previously./1 The guidance provides employers with a clearer framework for reviewing repayment arrangements before the Act's December 19, 2026 effective date.
Effective Date and Existing Agreements
NYSDOL's guidance confirms that the Act applies to new agreements, or new or amended terms in existing agreements, entered into on or after December 19, 2026. This resolves an open question because the chapter amendment did not expressly address whether it applied to agreements executed before the effective date. Under this interpretation, an existing repayment obligation does not become subject to the Act merely because it continues after December 19, 2026. Employers should nevertheless review new agreements and amendments entered into on or after that date for compliance.
Voluntary Agreements
The Act generally prohibits employers from requiring an employee or prospective employee to execute an employment promissory note as a condition of employment. NYSDOL explains that an agreement is not a condition of employment if it is truly voluntary and separate from accepting or maintaining employment, meaning the employee can begin or continue employment without agreeing to its terms.
This clarification is significant for optional bonus, relocation, tuition assistance, and similar programs. Because a genuinely voluntary arrangement falls outside the Act's prohibition, it does not necessarily need to qualify for a statutory exception. Employers relying on this interpretation should clearly disclose and document that employees may decline the arrangement without affecting their employment and ensure that the program operates accordingly.
NYSDOL also explains that the Act applies only to arrangements between an employer, its agent or assignee, and an employee, not to those between an employee and a third party such as a lender-borrower loan-forgiveness program dependent on continued employment. Agreements expressly allowed or required under statute or common law are also excluded.
Educational Repayment Agreements
The guidance reiterates the requirements for the exception for an employer that provides tuition, fees, and required educational materials for a transferable credential. These requirements include:
* the agreement must be in a separate written contract;
* obtaining the credential cannot be a condition of employment;
* the repayment amount must be disclosed in advance and cannot exceed the employer's qualifying costs;
* repayment must be prorated proportionally over the required employment period without acceleration upon separation; and
* repayment cannot be required following an employer-initiated termination except for misconduct.
NYSDOL describes a "transferable credential" as a degree, diploma, license, certificate, or documented evidence of skill proficiency or course completion that employers widely recognize in the relevant industry and that demonstrably enhances employability with other employers. Employer-specific or nontransferable training and mandated safety or compliance training do not qualify. Examination and licensing fees may qualify when they are part of obtaining the credential. The guidance also confirms that an employer must actually have paid the costs it seeks to recover under a statutory exception, emphasizing the statute's use of the term "repay." Employers should retain records supporting qualifying expenditures and repayment calculations.
Bonuses, Relocation Assistance, and Repayment Triggers
The Act permits certain repayment agreements involving financial bonuses, relocation assistance, and other non-educational incentives, payments, or benefits not tied to specific job performance. NYSDOL confirms that repayment may be required following a voluntary departure or termination for misconduct, provided the employer did not misrepresent the position's duties or requirements. Repayment cannot be required under this exception if the employer terminates the employee for a reason other than misconduct or if the employee was misled about the job.
This interpretation resolves the open question identified in a previous article about voluntary resignations. NYSDOL explains that references in the exceptions to an employee being "terminated" mean an employer-initiated separation. Its examples distinguish a resignation or discharge for misconduct, which may trigger signing-bonus repayment, from a position elimination or resignation prompted by misrepresented job requirements, which may not.
NYSDOL defines "misconduct" as behavior detrimental to the employer's interests or violating a reasonable work condition, which may include conduct that an employer's policy defines as "for cause." Employers should evaluate repayment triggers against that standard rather than assume that every event described as cause in an agreement necessarily qualifies.
Optional Performance-Based Payments and Advanced Leave
NYSDOL's guidance illustrates how a voluntary payment arrangement can fall outside the Act's prohibition, using an example in which an employee may choose to receive a performance-based payment before meeting the targets. Although the non-educational incentive exception excludes payments tied to specific job performance, repayment may be required if the employee can instead defer payment until the targets are met. Accepting the advance is then not a condition of employment.
The guidance similarly permits repayment of voluntarily accepted paid leave advanced before it is earned if the employee leaves before the agreed date. It also recognizes lawful wage advances under New York's wage deduction rules in Labor Law Section 193 and 12 NYCRR Section 195-5.2. Given the specific requirements for advances on wages under New York law, employers should separately evaluate any payroll deduction under applicable wage-payment requirements. A permissible repayment obligation does not itself authorize a deduction from wages.
Enforcement and Penalties
NYSDOL confirms that the Act contains no express private right of action. The Department will evaluate complaints and may impose civil penalties ranging from $1,000 to $5,000, considering employer size, good-faith belief in compliance, the gravity of the violation, and prior violations. If an employer sues to enforce a promissory note rendered void by the Act, an employee who successfully defends the action may recover attorneys' fees.
Practical Next Steps
Employers should inventory repayment arrangements that will be entered into or amended on or after December 19, 2026, determine whether each is genuinely voluntary, and evaluate covered agreements under the applicable exception. Optional programs should clearly preserve the employee's ability to decline without affecting their employment. Educational agreements relying on the statutory exception should separately document qualifying costs, advance disclosure, proportional repayment reductions, and permissible separation triggers. Employers may also want to review bonus and relocation repayment terms and separately assess any proposed payroll deductions with employment counsel.
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See Footnotes
1/ The Act was signed on December 19, 2025, and amended in February 2026 to clarify its scope, create targeted exceptions, and delay its effective date until December 19, 2026.
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Authors
Michael Paglialonga
Of Counsel
New York
mpaglialonga@littler.com
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Paul R. Piccigallo
Shareholder
New York
ppiccigallo@littler.com
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Original text here: https://www.littler.com/news-analysis/asap/new-york-department-labor-issues-guidance-trapped-work-act
[Category: BizLaw/Legal]
K&L Gates Advises EICR on US$500 Million MTN Programme and US$300 Million Inaugural Issuance
PITTSBURGH, Pennsylvania, Oct. 23 -- K&L Gates, a law firm, issued the following news release:
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K&L Gates Advises EICR (Cyprus) on US$500 million MTN Programme and US$300 Million Inaugural Issuance
22 October 2026
K&L Gates has advised EICR (Cyprus) Limited, an investment holding company which specializes in owning and managing its investment in iEnergizer Limited, on the establishment of its US$500 million Guaranteed Multicurrency Medium Term Note Programme and on the first two issuances under the programme, which together raised US$300 million and are listed on Singapore Exchange Securities
... Show Full Article
PITTSBURGH, Pennsylvania, Oct. 23 -- K&L Gates, a law firm, issued the following news release:
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K&L Gates Advises EICR (Cyprus) on US$500 million MTN Programme and US$300 Million Inaugural Issuance
22 October 2026
K&L Gates has advised EICR (Cyprus) Limited, an investment holding company which specializes in owning and managing its investment in iEnergizer Limited, on the establishment of its US$500 million Guaranteed Multicurrency Medium Term Note Programme and on the first two issuances under the programme, which together raised US$300 million and are listed on Singapore Exchange SecuritiesTrading Limited.
On 8 October 2026, EICR issued US$182 million of 8.50% guaranteed notes due 2031. This was followed on 20 October 2026 by a further US$118 million tap issue, which priced at par and was consolidated to form a single series with the initial tranche. Proceeds are being applied to refinance existing indebtedness of the group.
The K&L Gates team was led by Singapore corporate partners Meraj Noor and David Kuo, supported by counsel Ying Chern Tan and senior associate Esther Neo.
Noor said: "We are delighted to have advised EICR on the establishment of its programme and on both drawdowns. The transaction reflects the continued growth of our debt capital markets practice in Singapore and our ability to support issuers across the region in accessing the international capital markets through MTN programmes."
K&L Gates' Corporate practice is one of the most substantial in the legal industry, with hundreds of lawyers in offices across the globe providing clients with practical legal solutions in the structuring, financing, and completion of domestic, international, and cross-border transactions.
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This press release is issued by K&L Gates Straits Law LLC, a Singapore law firm with full Singapore law and representation capacity, and to whom any Singapore law queries should be addressed. K&L Gates Straits Law is the Singapore office of K&L Gates, a fully integrated global law firm with lawyers located in five continents. The firm represents leading multinational corporations growth and middle-market companies, capital markets participants and entrepreneurs in every major industry group as well as public sector entities, educational institutions, philanthropic organizations and individuals.
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URL: EICR Limited
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Original text here: https://www.klgates.com/KL-Gates-Advises-EICR-Cyprus-on-US500-million-MTN-Programme-and-US300-Million-Inaugural-Issuance-10-22-2026
[Category: BizLaw/Legal]
Hughes Hubbard: Jeremy Paner Discusses Continued U.S. Sanctions Targeting Iran's "Shadow Fleet" With Bloomberg
NEW YORK, Oct. 23 -- Hughes Hubbard and Reed, a law firm, issued the following news:
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October 22, 2026
Jeremy Paner Discusses Continued U.S. Sanctions Targeting Iran's "Shadow Fleet" with Bloomberg
OFAC provides wind-down period for vessels blocked in latest Iran sanctions designations.
Highlights
* U.S. Treasury Department sanctions three shipping companies and a Greek law firm that it alleges supported shipping Iranian oil or petrochemicals.
* OFAC identified 9 vessels as blocked property of the sanctioned shipping companies.
* Paner explained that the authorizations involving the
... Show Full Article
NEW YORK, Oct. 23 -- Hughes Hubbard and Reed, a law firm, issued the following news:
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October 22, 2026
Jeremy Paner Discusses Continued U.S. Sanctions Targeting Iran's "Shadow Fleet" with Bloomberg
OFAC provides wind-down period for vessels blocked in latest Iran sanctions designations.
Highlights
* U.S. Treasury Department sanctions three shipping companies and a Greek law firm that it alleges supported shipping Iranian oil or petrochemicals.
* OFAC identified 9 vessels as blocked property of the sanctioned shipping companies.
* Paner explained that the authorizations involving thevessels are standard when OFAC blocks vessels and helps avoid issues involving stranded mariners or abandoned tankers.
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Jeremy Paner discussed with Bloomberg new U.S. sanctions targeting participants in the "shadow fleet" used to transport Iranian oil or petrochemicals.
The sanctions target three shipping companies, 9 vessels, and a Greek law firm that the Treasury Department's Office of Foreign Assets Control (OFAC) alleges supported shipping Iranian oil or petrochemicals. OFAC concurrently issued general licenses authorizing the wind-down of certain transactions involving the blocked vessels.
Paner explained that the temporary authorizations are "standard when OFAC sanctions vessels" and avoids "situations like mariners being stranded at sea or environmental issues arising from abandoned tankers."
Read the article (https://www.bloomberg.com/news/articles/2026-10-21/us-aims-iran-shadow-fleet-sanctions-at-law-firm-shippers).
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Featured Lawyers
Jeremy P. Paner
Partner
Locations
Washington, D.C.
jeremy.paner@hugheshubbard.com
202/721-4614
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Original text here: https://www.hugheshubbard.com/news-insights/insights/jeremy-paner-discusses-continued-us-sanctions-targeting-iran-s-shadow-fleet-with-bloomberg
[Category: BizLaw/Legal]
Holland & Hart Advises Quandary Consultants on Investment by Stone-Goff Partners
DENVER, Colorado, Oct. 23 -- Holland and Hart, a law firm, issued the following news:
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October 22, 2026
Holland & Hart Advises Quandary Consultants on Investment by Stone-Goff Partners
Holland & Hart represented Quandary Consultants, a Denver-based provider of regulatory and compliance-driven environmental services for operators of critical infrastructure, in connection with an investment by Stone-Goff Partners, a growth-oriented private equity firm focused on technology-driven business-to-business service companies.
Quandary and Stone-Goff announced the investment on October 22, 2026.
... Show Full Article
DENVER, Colorado, Oct. 23 -- Holland and Hart, a law firm, issued the following news:
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October 22, 2026
Holland & Hart Advises Quandary Consultants on Investment by Stone-Goff Partners
Holland & Hart represented Quandary Consultants, a Denver-based provider of regulatory and compliance-driven environmental services for operators of critical infrastructure, in connection with an investment by Stone-Goff Partners, a growth-oriented private equity firm focused on technology-driven business-to-business service companies.
Quandary and Stone-Goff announced the investment on October 22, 2026.Stone-Goff's investment will support Quandary's next phase of growth, including expanding its capabilities, investing in talent and technology, and pursuing complementary acquisitions. Founded in 2016, Quandary delivers integrated air quality, environmental, and natural resources services that support critical infrastructure operators--including oil and gas, power generation, renewables, and data centers--across the Mountain West.
For more information, please see Stone-Goff's press release (https://www.stonegoff.com/news/stone-goff-partners-announces-investment-in-quandary-consultants/).
The Holland & Hart transaction team was led by corporate partners James Crowe and Paige Coriden, with assistance from Andrew Leddy and Marie Macaulay.
Holland & Hart's Corporate attorneys provide comprehensive strategic guidance on mergers and acquisitions, corporate formation, and complex transactions that position clients in a diverse range of industries for lasting success.
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URL: Quandary Consultants
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Original text here: https://www.hollandhart.com/holland-hart-advises-quandary-consultants-on-investment-by-stone-goff-partners
[Category: BizLaw/Legal]
Dentons Cardenas & Cardenas Advises DEG on US$150 Million Financing to Banco De Occidente
WASHINGTON, Oct. 23 -- Dentons, a law firm, issued the following news:
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Dentons Cardenas & Cardenas Advises DEG on US$150 Million Financing to Banco de Occidente
October 22, 2026
Dentons Cardenas & Cardenas acted as legal counsel to DEG in its US$150 million subordinated loan to Banco de Occidente, marking DEG's largest transaction in Latin America.
The 10-year facility will strengthen the Colombian bank's Tier 2 capital, with at least 80% of proceeds allocated to green and sustainable projects, supporting Colombia's transition toward a low-carbon economy.
Banco de Occidente will also
... Show Full Article
WASHINGTON, Oct. 23 -- Dentons, a law firm, issued the following news:
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Dentons Cardenas & Cardenas Advises DEG on US$150 Million Financing to Banco de Occidente
October 22, 2026
Dentons Cardenas & Cardenas acted as legal counsel to DEG in its US$150 million subordinated loan to Banco de Occidente, marking DEG's largest transaction in Latin America.
The 10-year facility will strengthen the Colombian bank's Tier 2 capital, with at least 80% of proceeds allocated to green and sustainable projects, supporting Colombia's transition toward a low-carbon economy.
Banco de Occidente will alsoreceive technical assistance from DEG Impulse to strengthen its environmental and social management and green finance capabilities.
The Dentons team was led by Partners Eduardo Cardenas and Felipe Alarcon, alongside Associate Maria Fernanda Bonilla.
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About Dentons
Redefining possibilities. Together, everywhere. For more information visit dentons.com
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Original text here: https://dentons.cardenas-cardenas.com/en/about-dentons-cardenas-and-cardenas/news/2026/october/dentons-cardenas-advises-deg-on-us-150-million-financing-to-banco-de-occidente
[Category: BizLaw/Legal]
Dentons Advises CSG on Acquisition of 9.5% Stake in MDA Space
WASHINGTON, Oct. 23 -- Dentons, a law firm, issued the following news:
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Dentons advises CSG on acquisition of 9.5% stake in MDA Space
October 22, 2026
Dentons is pleased to have advised CSG on its acquisition of approximately 9.5% of the shares of MDA Space Ltd., the leading Canadian space technology company.
Through the investment, CSG has become MDA Space's largest shareholder at this time, marking its entry into the space sector. As CSG noted in its announcement, "The investment forms part of CSG's long-term strategy to develop space capabilities to complement its existing defence
... Show Full Article
WASHINGTON, Oct. 23 -- Dentons, a law firm, issued the following news:
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Dentons advises CSG on acquisition of 9.5% stake in MDA Space
October 22, 2026
Dentons is pleased to have advised CSG on its acquisition of approximately 9.5% of the shares of MDA Space Ltd., the leading Canadian space technology company.
Through the investment, CSG has become MDA Space's largest shareholder at this time, marking its entry into the space sector. As CSG noted in its announcement, "The investment forms part of CSG's long-term strategy to develop space capabilities to complement its existing defenceand aerospace businesses." The company also shared that it views the investment "as an opportunity to explore potential cooperation between the two groups over time," including supporting MDA Space's international growth.
This matter involved the provision of strategic securities law and foreign investment review advice. Adam S. Goodman and Andreas Kloppenborg led the legal team in Canada, supported by Camila Maldi and Rocky Swanson, working closely with a team at Dentons US led by Brian Lee, which included Chrys Carey and Alice F. Yurke.
Across jurisdictions and markets, Dentons' M&A team advises strategic and financial investors on complex transactions, combining market knowledge, sector experience and global capabilities to deliver seamless support throughout the deal lifecycle. Working alongside our Competition and Antitrust team, the Firm helps clients navigate competition and foreign investment matters, including national security reviews under the Investment Canada Act.
Learn more about our Mergers and Acquisitions and Competition and Antitrust capabilities.
Learn more about the transaction here (https://csg.com/en/news/csg-enters-the-space-sector-through-investment-in-mda-space).
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About Dentons
Redefining possibilities. Together, everywhere. For more information visit dentons.com
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URL: CSG
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Original text here: https://www.dentons.com/en/about-dentons/news-events-and-awards/news/2026/october/dentons-advises-csg
[Category: BizLaw/Legal]
Cooley: Blacksmith Raises Series C at $1 Billion Valuation
PALO ALTO, California, Oct. 23 -- Cooley, a law firm, issued the following news release:
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Blacksmith Raises Series C at $1 Billion Valuation
New York October 21, 2026
Cooley advised Blacksmith, the infrastructure platform for building and testing code, on its $66 million Series C at a $1 billion valuation, bringing Blacksmith's total funding to $125 million.
Sequoia Capital led the round, with participation from Premji Invest and existing investors Peak XV Partners, GV and Y Combinator.
Lawyers Roy Moran, Alexander Fullman and Brittany Sanok led the Cooley team advising Blacksmith.
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... Show Full Article
PALO ALTO, California, Oct. 23 -- Cooley, a law firm, issued the following news release:
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Blacksmith Raises Series C at $1 Billion Valuation
New York October 21, 2026
Cooley advised Blacksmith, the infrastructure platform for building and testing code, on its $66 million Series C at a $1 billion valuation, bringing Blacksmith's total funding to $125 million.
Sequoia Capital led the round, with participation from Premji Invest and existing investors Peak XV Partners, GV and Y Combinator.
Lawyers Roy Moran, Alexander Fullman and Brittany Sanok led the Cooley team advising Blacksmith.
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About Cooley LLP
Clients partner with Cooley on transformative deals, complex IP and regulatory matters, and high-stakes litigation.
Cooley has nearly 1,400 lawyers across 19 offices in the United States, Asia and Europe, and a total workforce of more than 3,000 people.
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URL: Blacksmith
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Original text here: https://www.cooley.com/news/coverage/2026/2026-10-21-blacksmith-raises-series-c-at-$1-billion-valuation
[Category: BizLaw/Legal]
