The practice, especially common in competitive industries like journalism, finance and filmmaking, could change if the appeals court upholds the ruling of a federal judge in New York who found that moviemaker Fox Searchlight Pictures Inc. violated labor laws by not paying two of its interns.
“This question of whether private-sector internships violate the minimum wage laws has been sort of a sleeping-giant issue for many years,” said David Yamada
To critics, unpaid internships are an abuse of the labor system, a way for employers to take advantage of desperate job seekers. Supporters, including some former unpaid interns, see it as a way to get training and career contacts.
I wonder if this will impact people trying to get unpaid finance interships just to get experience on the resume. I know that my firm has not allowed unpaid interns. We’ve had experienced finance people willing to work for free, but were all turned down by HR. the practice is very much alive though