The Lehigh Valley Railroad Company v. United States of America and Interstate Commerce Commission case in 1916 revolved around the interpretation of the Hepburn Act, which was passed by Congress to regulate railroad rates. The Lehigh Valley Railroad Company challenged an order from the Interstate Commerce Commission (ICC) that reduced its coal freight rates. The company argued that this reduction violated their Fifth Amendment rights as it constituted a taking without just compensation. However, the Supreme Court ruled against them stating that rate regulation did not constitute a direct appropriation of property and thus did not violate Fifth Amendment protections against takings without just compensation. This decision reinforced ICC's authority to set reasonable rail shipping rates and affirmed government’s power to regulate private industries for public benefit.

In the dissenting opinion for Lehigh Valley Railroad Company v. United States of America and Interstate Commerce Commission, it was argued that the court majority had overstepped its authority by interpreting the law in a way that interfered with business operations. The dissenters believed that Congress did not intend to give such broad powers to regulate commerce when they passed relevant legislation. They contended that this interpretation could potentially harm businesses by imposing undue restrictions on their activities, which would ultimately affect economic growth and development negatively. Furthermore, they expressed concern about potential abuses of power resulting from an overly expansive reading of regulatory laws. In essence, the dissenting justices felt strongly about maintaining a balance between government regulation and free enterprise while ensuring fairness in interstate commerce.