A High Court judge has refused to strike out claims totalling more than £1 billion brought by tycoons Vincent and Robert Tchenguiz against the failed Icelandic bank Kaupthing.
The decision was announced by Mr Justice Burton, sitting in London.
His decision means that claims by the Tchenguiz Family Trust and the Tchenguiz Discretionary Trust against the bank can continue.
The judge, who dismissed "strike out" applications by the bank, ruled that the English courts have jurisdiction to hear the actions.
Vincent Tchenguiz, who was present in court to hear the judge's decision, said: "I am delighted that the English High Court has recognised the right of the claimants to bring their claim in England."
Mr Tchenguiz, chairman of the Consensus Business Group, said in a statement: "All dealings with Kaupthing Bank were conducted in England under English law.
"Nonetheless, following the collapse of the bank, Kaupthing has persistently endeavoured to frustrate the claimants' legitimate rights to have their claim determined in the English courts.
"The judgment of Mr Justice Burton makes it clear that the claimants succeeded in defeating Kaupthing on every single point they brought before the court. The substantive claim for damages of over £1 billion will now proceed in the English courts."
He added: "As a direct result of Kaupthing's actions, the relationship between the claimants and its other financing counterparties has been gravely compromised since 2008.
"The result has been that the claimants have suffered massive losses which have continued to grow whilst Kaupthing refused to recognise the legitimacy of the claim."
