Yet Again: Johnson & Johnson Subsidiary Seeks Stay On Thousands Of Cancer Lawsuits Associated With Talc Products - Johnson & Johnson (NYSE:JNJ)

Johnson & Johnson's JNJ subsidiary, LTL Management, has reportedly requested a U.S. judge to delay 38,000 lawsuits again. These lawsuits accuse their baby powder and other talc products of causing cancer.
This comes as the company makes another attempt at "resolving the litigation in bankruptcy after a federal appeals court found its first attempt improper," reports Reuters.
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At a Tuesday hearing, LTL Management will argue that the so-called "automatic stay" under bankruptcy law that stops lawsuits against it from moving forward while it is in Chapter 11 proceedings should also protect J&J.
A federal appeals court in Philadelphia rejected Johnson & Johnson's use of Chapter 11 bankruptcy to offload several lawsuits over its talc products, alleging it caused cancer.
The appellate ruling found that LTL is "highly solvent" and not entitled to file Chapter 11 bankruptcy because J&J had provided it with a $60 billion funding "safety net" to meet its talc liabilities.
LTL argues that the lawsuits must be stopped because litigation against J&J would imperil its effort to negotiate a comprehensive settlement of all current and future talc claims in its bankruptcy.
It has said its second bankruptcy differs from its first because it has less funding and more plaintiff support for a settlement.
Earlier this month, LTL Management re-filed for bankruptcy to resolve all talc-based baby powder claims and agreed to contribute up to $8.9 billion over 25 years to resolve all the current and future talc claims, which is an increase of $6.9 billion over the previously committed amount.
Price Action: JNJ shares are down 2.71% at $161.20 on the last check Tuesday.
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