The Tchenguiz brothers are free to push ahead with claims worth more than £1bn against failed Icelandic bank Kaupthing in the English courts, after a ruling earlier today which handed roles to a trio of firms.

Mr Justice Burton today (16 March) dismissed Kaupthing's attempts to strike out the claims and challenge the jurisdiction of the English court, paving the way for the English High Court to hear damages claims by the Tchenguiz Family Trust and the Tchenguiz Discretionary Trust, together worth more than £1bn.

The damages relate to losses resulting from the bank's 2008 collapse, with the Tchenguizes among the bank's biggest borrowers.

Stephenson Harwood is advising the Tchenguiz Family Trust, fielding a team led by commercial litigation head John Fordham and also including senior associate Richard Garcia and associate Victoria Fox. The firm appointed Gabriel Moss QC and Adam Al-Attar of 3-4 South Square as counsel.

Edwards Angell Palmer & Dodge is advising the Tchenguiz Discretionary Trust, with a team consisting of London litigation partners Antonio Suarez-Martinez, Laurence Harris and Christopher Pease. The firm appointed Brick Court Chambers QC Mark Howard and 3/4 South Square QC Lucy Frazer.

Meanwhile, Weil Gotshal & Manges is advising Kaupthing, with New Square Chambers' QCs Robert Levy and Sebastian Prentis serving as counsel.

Commenting on the case, Garcia said: "The Tchenguiz Family Trust brought this claim to Kaupthing's attention in 2009 and the English proceedings commenced in July 2010. We are very happy that, despite all attempts by Kaupthing to frustrate the proceedings, the English Court has now confirmed that this is the right jurisdiction to hear the claim."

Suarez-Martinez commented: "At the heart of the Tchenguiz Discretionary Trust's (TDT's) case is the fact that representations were made to Robert Tchenguiz by directors of Kaupthing Bank about its financial health which the TDT alleges were false and which were relied upon to the ultimate detriment of the TDT.

"It is the TDT's case that it was one of the biggest victims of Kaupthing's collapse, suffering losses running to hundreds of millions of pounds. It is right that it will be the English Court that will determine this action."

In a statement on Kaupthing's website, Weil said: "The English Court was not asked to, and did not consider the substance of the Tchenguiz Trust claims. This in effect, is a judgment on procedure only. The merits of the underlying claims are extremely weak and they are already being dealt with by the Icelandic Courts."