The Financial Post reports in its Saturday edition a former Banco Santander SA executive will pay $1.92-million to settle an American lawsuit accusing him of insider trading ahead of BHP's proposed 2010 takeover of Potash Corp. of Saskatchewan (all figures U.S.). A Reuters dispatch to the Post says the deal with Cedric Canas Maillard, a former adviser to Banco Santander's chief executive officer, was disclosed on Friday by the Securities and Exchange Commission in New York. Mr. Canas agreed to pay $960,806 in penalties and give up an equal amount in improper gains. The settlement requires approval by U.S. District Judge Valerie Caproni. The judge froze $3.84-million of Mr. Canas's assets in April, three months after he was acquitted of criminal charges in Spain. In its lawsuit filed last July, the SEC said Mr. Canas learned on Aug. 5, 2010, that Santander was helping BHP prepare a bid for Potash Corp. and tipped co-defendant Julio Marin Ugedo, a friend in Spain. The SEC said Mr. Canas bought 30,000 shares through contracts-for-difference, a leveraged security not traded in the United States, while Mr. Marin bought 1,393 shares. Potash Corp. shares then jumped more than 25 per cent on Aug. 17, 2010.