Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
Yesterday, Condé Nast announced that it has agreed to pay a $5.8 million settlement in the widely publicized lawsuit against the company by former interns. About 7,500 of them, who interned from 2007 to 2013, will receive a cut ranging between $700 and $1,900.
Lead plaintiffs Lauren Ballinger, who worked in the W magazine fashion and accessories closets for what amounted to about $1 per hour, and Matthew Leib, who ended a summer internship at the New Yorker with just $300, seem to have left happy: "We do think this is a favorable settlement," one of the interns' lawyers said.
As for Condé Nast, who has barely settled into its new (vaguely terrifying) offices at One World Trade Center, there's still no sign of a resurrected internship program (it was shut down in June of 2013). In a company-wide email yesterday, CEO Chuck Townsend explained that settling was "the right business decision," and that it "allows us to focus our time and resources on developing meaningful, new opportunities to support future up-and-coming talent."
· Condé Nast Settles for $5.8 Million in Intern Lawsuit [Racked]
· Condé Nast Agrees to $5.8 Million Settlement in Suit Over Intern Pay [Reuters]
· How Ending Condé Nast's Internship Program Will Affect Students [Racked NY]