Two Legacy Counseling Center Inc. employees who said they were wrongly excluded from participating in the company’s retirement plan advanced their federal claims against financial adviser Peveto Financial Group LLC but not Legacy itself.

There’s a live factual dispute over whether Peveto acted as a fiduciary with respect to Legacy’s plan and whether it breached its duties by failing to invite or allow certain Legacy employees to participate in the plan, the US District Court for the Northern District of Texas held. There’s evidence that Peveto exercised discretion over plan management and that it failed to abide by the universal ...

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