By Tom Hals (Reuters) -Johnson & Johnson’s strategy to use bankruptcy to resolve multibillion-dollar litigation over claims its talc products cause cancer was rejected by a federal appeals court on Monday, which dismissed a bankruptcy petition by its talc subsidiary. The ruling by the U.S. 3rd Circuit Court of Appeals in Philadelphia removed from bankruptcy the company’s LTL Management unit, which was facing more than 38,000 legal claims tied to products such as its Johnson’s baby powder. J&J, which maintains its talc products are safe, created and spun off LTL and assigned its talc liabilitie…