ADP, American Century Beat Untrained IRA Sales Team Claims (1)

Automatic Data Processing Inc. and American Century Investments defeated a lawsuit alleging they used unqualified ADP employees to sell individual retirement accounts, the funds of which were invested in American Century mutual funds.

But, would-be class representative Dale Ylitalo didn’t allege he lost money or suffered a concrete injury or intangible harm, so he lacks standing to sue in federal court, Judge Jamel K. Semper said in an unpublished opinion Tuesday.

“To the contrary, Plaintiff alleges that he has made money—a 4% return on his investment,” the US District Court for the District of New Jersey said, dismissing the proposed ...