Visa Inc. has two big challenges ahead. The first was all over the news last week: The company is launching the biggest initial public offering in U.S. history, with a record $18 billion in the works.

The other, however, becomes clear in the Securities and Exchange Commission documents the financial giant filed in preparing for its IPO: Visa is awash in high-stakes litigation. The company lists more than 70 cases in its SEC filing — from class actions filed by merchants to fights with competitors like American Express and Discover.

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