The PSLRA tightened pleading standards but still allowed for lawsuits over fiduciary duties to remain in procedurally more liberal state courts.

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Thanks to the discovery stay, it is easy for PSLRA attorneys to act like hedge-fund managers or like card-counters in blackjack.

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Thus, it is very rare for PSLRA attorneys to devote tens of thousands of hours to a case and be unable to settle for an amount that pays their lodestar in full.

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As a result of the PSLRA, today securities class action firms (in order to secure lucrative lead counsel fees) must persuade pensions to serve as lead plaintiffs in cases the firms seek to bring.

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It certainly was in the PSLRA reforms.

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