Updating our previous story, Judge Baer issued an order finding the requisite "diversity" in lead plaintiffs' counsel. Bainbridge points out that this contradicts the PSLRA, which doesn't permit judicial substitution of lead counsel appropriateness in a securities action, and agrees with Jason Mazzone that it's unconstitutional. However, no one has standing to appeal the order (at least in a securities case) except a law firm with the unambiguous right to serve as lead counsel who decides to challenge Judge Baer—and no law firm would ever want to alienate the judge to stand up for that principle.