Last April, Condé Nast announced that it had settled its class-action lawsuit brought by former interns alleging that they had been underpaid. At the time, the specific settlement amount was still being negotiated. Today, the publisher agreed to pay $5.8 million, or roughly $700 to $1,900 per intern, according to Reuters.
Condé Nast sent us the following internal memo sent out by CEO Chuck Townsend today:
"You may be hearing today about settlement papers that were filed in the lawsuit brought by two former interns (Ballinger v. Advance Magazine Publishers, Inc.).While we continue to believe the internships that were offered at Condé Nast provided experiences that were among the best in the media business, we determined that settling the lawsuit is the right business decision for Condé Nast, as it allows us to focus our time and resources on developing meaningful, new opportunities to support future up-and-coming talent.Thank you for your support as we make progress on this matter."
So does that mean that Condé will be reinstating some sort of internship program? Watch this space.