In the case of Federal Trade Commission v. National Lead Co., the Supreme Court ruled in favor of the FTC, affirming its decision that National Lead Company and Titanium Pigment Company had violated antitrust laws by conspiring to control prices and monopolize trade in titanium pigments. The companies were found guilty of sharing price information, agreeing on a uniform pricing system, dividing markets among themselves, restricting production levels to maintain high prices and engaging in other anti-competitive practices. The court upheld an order requiring them to cease these activities and take steps towards restoring competition within their industry. This ruling reinforced the government's commitment to enforcing antitrust laws against corporations engaged in illegal business practices aimed at stifering competition.

In the dissenting opinion for Federal Trade Commission v. National Lead Co., it was argued that the majority's decision to uphold FTC's order against National Lead and Titanium Pigment violated principles of fairness and due process. The dissenters believed that the companies were not given adequate notice or opportunity to defend themselves against charges of unfair methods of competition, as required by law. They also disagreed with the majority's interpretation of Section 5 of the Federal Trade Commission Act, arguing that it did not give FTC authority to regulate prices in a competitive market without evidence showing price-fixing or other anti-competitive practices. Furthermore, they contended that FTC had overstepped its bounds by imposing an overly broad remedy requiring divestiture and dissolution without sufficient justification.