In the case of Laclede Gas Light Co. v. Public Service Commission et al., 1937, the U.S Supreme Court ruled in favor of Laclede Gas Light Company, a natural gas utility company based in Missouri. The dispute arose when the state's Public Service Commission ordered Laclede to reduce its rates for gas services by approximately 20%. The commission argued that this was necessary to ensure reasonable and just charges for consumers. However, Laclede contended that such a reduction would result in confiscatory rates violating their constitutional right under the Fourteenth Amendment which protects against deprivation of property without due process of law. The court found that while states have power to regulate public utilities' rates ensuring they are fair and reasonable, it should not be done at expense of confiscating utility’s property rights protected by constitution. Therefore, if rate reductions lead to returns below a fair return on value then it is deemed as unconstitutional seizure or taking away private property without compensation. This ruling set an important precedent emphasizing balance between consumer protection through regulation and safeguarding companies’ constitutional rights.

The dissenting opinion in the case of Laclede Gas Light Co. v. Public Service Commission et al., argued that the majority's decision to uphold a Missouri statute, which allowed public utility companies to charge different rates for gas services based on geographical location, was unconstitutional. The dissenters believed this law violated the Equal Protection Clause of the Fourteenth Amendment by allowing discriminatory pricing practices without any reasonable basis or justification. They contended that there were no substantial differences between customers living in different areas that would warrant such price discrimination and thus found it arbitrary and unreasonable. Furthermore, they expressed concern about potential abuse by utility companies who could exploit this law to their advantage at consumers' expense.