Conde Nast agrees to pay $5.8m to former magazine interns Around 7,500 former interns will be paid $700 to $1,900 from the settlement Conde Nast canceled its prestigious internship program after the lawsuit was filed in June 2013 By Lauren Lumsden for MailOnline Conde Nast has agreed to pay out $5.8million to its former interns who claimed they were underpaid while working for the publisher's magazines. The class-action suit, which was filed in June 2013 in New York, alleged that the media company paid its interns as little as $1 per hour. Approximately 7,500 former interns who worked at the company as early as 2007 will now be paid anywhere from $700 to $1,900 for their work, according to Reuters. Going to the bank! The two lead plaintiffs in the case, Lauren Ballinger (left) and Matt Leib (right) brought about the class-action lawsuit, saying the company paid their interns as little as $1 per day Conde Nast, which publishes high-end magazines like Vogue, GQ, Glamour and Vanity Fair, has since canceled its formerly prestigious internship program. As of now, the company has not announced plans to re-institute it. The two lead plaintiffs in the case were Lauren Ballinger, who worked at W magazine in 2009, and Matthew Leib, who interned at The New Yorker in 2009 and 2010. Ms Ballinger, who assisted in the fashion closet at the women's magazine, told the New York Times that she worked 10 to 14 hours per day during her internship and usually made $12 per day. She likened her job to Anne Hathaway's role in The Devil Wears Prada - but worse 'because we don't get any makeover in the end.' Mr Leib worked three days a week, from 10 am until 5:30 pm, at The New Yorker, where he helped review submissions, edit articles and maintain the cartoon database. He was paid $300 to $500 for each summer he was working. One of the interns' attorneys, Rachel Bien, called the settlement 'favorable.' Site of the payout! A view of Conde Nast's reception area in their new offices at the resurrected World Trade Center Shining! Conde Nast was one of the first companies that decided to move their business to the World Trade Center, which just opened its doors for the first time last week After the settlement was agreed upon, Conde Nast Chief Executive Officer Chuck Townsend sent out an internal email to notify employees of the news. '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.),' he wrote. While we continue to believe the internships that were offered at Conde Nast provided experiences that were among the best in the media business, we determined that settling the lawsuit is the right business decision for Conde Nast, as it allows us to focus our time and resources on developing meaningful, new opportunities to support future up-and-coming talent. The settlement comes after a string of similar suits alleging underpayment of interns. Two days before the class-action lawsuit against Conde Nast was filed, a judge in New York ruled that Fox Searchlight Pictures violated labor laws when it didn't pay its interns on the set of Black Swan in 2009 and 2010. Not even a month later, Charlie Rose's production company paid back wages to almost 200 former interns who weren't paid for their work. The interns received checks for roughly $110 for every week they worked (up to ten weeks), said Reuters.