Len Blavatnik, a billionaire entrepreneur, has won a partial victory in his legal battle to bring claims against JPMorgan alleging that it invested about $1 billion belonging to one of his companies in a portfolio containing risky mortgage-backed securities, the Financial Times reported.

In a recent judgment, the Supreme Court of the State of New York agreed to hear claims from Access Industries, Mr Blavatnik’s industrial group, against JPMorgan’s asset management arm for breach of contract and negligent misrepresentation.

The case, while not yet complete, highlights how litigation has been a feature of the credit crunch, with investors turning to their lawyers to claim against firms they allege were at fault for investing in areas such as mortgage-backed securities and other instruments.

The court dismissed two other claims – for negligence and breach of fiduciary duty – brought by CMMF, a unit of Access Industries, the newspaper said.

The case could be heard in January unless the two sides reach a settlement, it said.

Mr Blavatnik’s company has claimed that JPMorgan’s “ill-conceived investment strategies” just before the collapse of the US housing market caused a loss of at least $98 million at CMMF, one of its subsidiaries.

JPMorgan has said it would defend the lawsuit “vigorously”.