A Johnson & Johnson subsidiary filed for bankruptcy for a third time on Friday as the healthcare giant seeks to advance an approximately $8 billion proposed settlement that would end tens of thousands of lawsuits alleging that the company's baby powder and other talc products caused cancer.

Johnson & Johnson said Friday a majority of baby powder users agreed to back an around $8 billion settlement of claims the talc-based product gave them cancer, a key step as the company makes its third attempt to resolve thousands of lawsuits in bankruptcy court.

Red River Talc, a Johnson & Johnson subsidiary, filed for Chapter 11 bankruptcy to settle ovarian cancer claims with an $8B settlement plan. Read more here.

Johnson & Johnson said Friday a majority of baby powder users agreed to back an around $8 billion settlement of claims the talc-based product gave them cancer, a key step as the company makes its third attempt to resolve thousands of lawsuits in bankruptcy court.

The healthcare-products company is taking another shot at resolving mass cancer lawsuits in chapter 11 after two failed attempts.