Santander Worker Traded Ahead Of BHP Offer: SEC

Law360, New York (August 25, 2010, 4:15 PM EDT) -- Banco Santander SA said Wednesday that it has suspended the head of one of its research arms following allegations by federal regulators that he illegally traded on inside information in advance of BHP Billiton Ltd.'s $43.1 billion takeover bid for Potash Corp.

The Spanish bank, which advised BHP in its bid to take over the fertilizer giant, is also conducting its own investigation into the alleged insider trading by Juan Jose Fernandez Garcia, head of its European Equity Derivatives Research arm.

“The bank has acted at...
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