Ripples from the LIBOR scandal have spread to U.S. cities. Some are suing to recoup overpayment due to alleged interest rate manipulation.

While Wall Street had been bogged down by regulations and scandal, London took the crown for leading global financial center. Now, with the Barclays and LIBOR-rigging investigation, the British city could find itself being regulated as well.

Diamond testified before a committee of the British parliament today about charges Barclays manipulated a key interest rate called the LIBOR. The bank's already been fined over $450 million, but it could be just the beginning of the fallout.

Every American bank is involved in the investigation looking into whether Barclays engaged in a type of price fixing on a key global interest rate.

An investigation into LIBOR — a crucial interest-rate benchmark — has resulted in a fine for Barclays and the resignation of its chairman, Marcus Agius. But what does it all mean for the average American? Easy Street is here to help.

When you hear us warning that the credit market shows signs of severe stress, what's the index to watch? There's no easy answer. There's a…