WASHINGTON - THE Federal Reserve said on Tuesday that approval for big banks seeking to repay bailout money could start in early June.

A Fed official said several of the 19 largest US banks that participated in the recent stress tests are interested in repaying the money they received from the government's US$700 billion (S$1.05 trillion) bailout fund.

NEW YORK - LAWYERS for Lehman Brothers asked a bankruptcy judge for permission to investigate Barclays PLC, the British bank that bought Lehman's broker-dealer business amid the early chaos of its bankruptcy.

NEW YORK - WALL Street shares drifted lower on Tuesday after fresh government data underscored concerns over the lacklustre US housing sector at the center of global financial and economic turmoil.