NYC-based Elite Model Management has just settled the recent lawsuit brought by a former intern. The model management company informed the Southern District of New York court on Friday that it had reached an agreement to settle Dajia Davenport's proposed class action lawsuit. In February, Davenport filed a $50 million lawsuit against the agency, that represents Hilary Rhoda, Jamie Bochert, Karen Elson, Alana Bunte (pictured below) and Agyness Deyn, among others, accusing it of misclassifying entry level employees as interns, and thus, failing to pay them, in violation of the Fair Labor Standards Act and New York state labor and wage laws. So, how much is Elite paying? Well, the S.D.N.Y. approved a $450,000 class action settlement, guaranteeing participating interns a minimum payment of $700, and as much as $1,750, making this the largest settlement of an intern class action to date.