Here at Fashionista, we were very disappointed to hear that Condé Nast would be shuttering its internship program in 2014 following a class action lawsuit filed by two former interns -- one at W and one at The New Yorker -- who claimed that they were paid below minimum wage.
As of now, none of the publishing powerhouse's titles are accepting interns for the summer and beyond, which is unfortunate for many reasons, not least of which being that a summer stint at a magazine is how many of us (myself included -- shout out to Lucky!) got started out in the industry.
In an internal memo sent to Condé Nast staffers Friday, CEO Chuck Townsend announced that the lawsuit -- filed by Lauren Ballinger and Matthew Leib in June of 2013 -- is being settled outside of court.
"We are, and have always been, extremely proud of the internship experiences that were offered at Condé Nast," Townsend wrote in the memo. "Our internships were considered some of the best in the industry, providing students with unparalleled learning opportunities outside of the classroom. The training and contacts our interns received at Condé Nast helped many begin successful careers here and elsewhere."
Townsend continued, "We believe that settling the lawsuit at this time is the right business decision for Condé Nast. The settlement will allow us to devote our time and resources towards developing meaningful, new opportunities to support up-and-coming talent."
Condé Nast would not disclose how much the suit was settled for, as (per Townsend's memo) its attorneys are still working out the details of the settlement. We sure hope that it is worth the cost of depriving a generation of editorial hopefuls the chance to experience the magazine world first-hand.