A U.S. bankruptcy judge on Monday rejected Johnson & Johnson's $10 billion proposal to end tens of thousands of lawsuits alleging that its baby powder and other talc products cause ovarian cancer, marking the third time the company's bankruptcy strategy has failed in court.

A U.S. bankruptcy court judge has denied Johnson & Johnson’s settlement plan related to baby powder containing talc, providing another setback in the company’s efforts to resolve the matter

Johnson & Johnson shares fell the most in five years after the company’s plan to settle thousands of talc-related lawsuits through bankruptcy was shot down in court.