Georgia-Pacific, Purdue Spats Give J&J Bankruptcy Options (1)

The billionaire owners of OxyContin maker Purdue Pharma LP and lumber giant Georgia-Pacific are in high-stakes legal battles to shed billions of dollars of liabilities in bankruptcy -- the first over their company’s alleged role in America’s opioid crisis and the second for 64,000 asbestos claims.

If they are successful, it threatens to reduce the bargaining power of alleged victims of corporate abuse for years to come. The outcome could also benefit, Johnson & Johnson, which is fighting tens of thousands of health-related lawsuits.

In New York, U.S. Bankruptcy Judge Robert Drain could rule as early as Thursday ...