A banker tied to BHP Billiton’s failed bid for control of Potash Corp has agreed to settle an insider trading lawsuit in the US, Reuters reports.

The US Securities and Exchange Commission announced the settlement with former Banco Santander executive Cedric Cañas Maillard at the end of last week, with Mr Cañas to pay $US960,806 ($1.02 million) in penalties and forfeit an equivalent amount due to improper profits. In all, he will pay about $US1.9m.

The decision relates to allegations Mr Cañas bought into Potash Corp after learning on August 5, 2010 that Santander was assisting BHP on a takeover proposal for Potash Corp.

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