Business Briefing

Madoff’s trustee seeks dismissal of suit

The liquidator for Bernard Madoff’s business sought dismissal of a lawsuit accusing him of lying to Goldman Sachs Group Inc. when he pressured the firm to freeze the assets of longtime Madoff investor Stanley Chais.

Trustee Irving Picard was permitted by law to send a letter to Goldman persuading it to block the account, he said in a filing last week in U.S. Bankruptcy Court in New York. Picard, who in May sued Chais for the return of $1 billion in profit from the fraud, denied Goldman’s allegations that he threatened the bank.

Picard sent the letter to Goldman in March. He wants the cash preserved to help repay Madoff’s victims. Chais, 83, was a friend of Madoff’s and had invested with the financier since at least the 1970s, according to the lawsuit.

A hearing on the matter was scheduled for March 4.

AUTOS

Chrysler recall involves brakes

Chrysler Group is recalling 24,177 vehicles because of a defect that could result in brake failure.

The recall includes 2010 models of the Chrysler Sebring, Dodge Avenger, Dodge Nitro, Jeep Commander, Jeep Grand Cherokee and Jeep Liberty as well as 2009 and 2010 models of the Dodge Ram pickup.

The National Highway Traffic Safety Administration announced the recall. Owners will be notified starting this month. Chrysler will replace the faulty clip on the brake booster input rod free.

TECHNOLOGY

Samsung settles with Rambus

Samsung Electronics Co. agreed to pay $900 million to end all legal claims with Rambus Inc. and reach a new licensing deal over computer-memory technology.

The South Korean chip maker will invest $200 million in Rambus stock, make an additional payment of $200 million and then pay $25 million a quarter for the next five years, the companies said.

The agreement with the Los Altos, Calif., firm ends litigation that began in 2005.

EARNINGS

Schwab reports 47% drop in profit

Charles Schwab Corp. said fourth-quarter profit fell 47% as record-low interest rates and a decline in stock trading eroded revenue.

Net income dropped to $164 million, or 14 cents a share, from $308 million, or 27 cents, a year earlier, the San Francisco company said. The results missed the 15-cent average estimate of 20 analysts surveyed by Bloomberg. Revenue dropped 23%, Schwab said.

HOUSING

Home builders’ confidence falls

Confidence among U.S. home builders unexpectedly dropped in January to the lowest level since June, a sign the housing recovery may stall in coming months.

The National Assn. of Home Builders/Wells Fargo index of builder confidence fell to 15 from 16 in December. Readings below 50 mean most respondents view conditions as poor.

The report indicates the government’s expansion of its first-time buyer program has not spurred new demand.

INTERNET

IRS videos offer tips for tax filers

Amid all the music videos and celebrity news, the cute animal shots and comedy routines on YouTube, you’ll find some helpful tax tips from the Internal Revenue Service.

The IRS channel on YouTube features dozens of videos informing people about new credits and deductions and other changes in the tax law.

-- times wire reports