BP Plc employees can't sue managers of the company's retirement savings plan over losses related to the 2010 oil spill in the Gulf of Mexico, a judge ruled.

U.S. District Judge Keith Ellison in Houston yesterday threw out least eight employee lawsuits that sought to recover millions of dollars in losses that BP's employee retirement plans allegedly suffered from the largest offshore oil spill in U.S. history. The suits questioned plan managers' investments in BP's shares.

“Examining the fluctuations in BP's stock price suggests that plaintiffs' losses were only temporary,” Ellison wrote in his 42-page ruling. “BP's steady revenue stream and expansive worldwide operations belie plaintiffs' contention that the Deepwater Horizon explosion and subsequent spill were a threat to the viability of the company going forward.”