The appeals court thoroughly disagreed with the bank. In one-paragraph?, a five-judge panel of the Appellate Division, First Department said that it is not of consequence that Ambac and MBIA aren't expressly challenging the terms of the insurance agreements. "The complaint alleges repeatedly that the insurance agreement was obtained through various types of fraud, making it clear that fraudulent inducement is plaintiff's primary claim," the court said, citing its 2005 holding in?. "Thus, the provision of the agreement that waives the right to trial by jury does not apply." (I've just quoted pretty much the entire ruling.)