This case involved a dispute between the London Assurance Company and Drennen & Others. The London Assurance Company had issued a policy of insurance to Drennen & Others, covering the loss of a shipment of cotton. The cotton was lost due to a fire on board the vessel carrying it. Drennen & Others sought to recover the value of the lost cotton from the London Assurance Company. The Supreme Court held that the London Assurance Company was liable for the loss of the cotton. The Court found that the policy of insurance was valid and enforceable, and that the London Assurance Company had breached its obligations under the policy by failing to pay the value of the lost cotton. The Court also held that the London Assurance Company was liable for the costs of the litigation, as well as for the costs of the voyage. In conclusion, the Supreme Court held that the London Assurance Company was liable for the loss of the cotton, as well as for the costs of the litigation and voyage. The Court found that the policy of insurance was valid and enforceable, and that the London Assurance Company had breached its obligations under the policy by failing to pay the value of the lost cotton.

In the case of London Assurance Company v. Drennen & Others, the Supreme Court was tasked with deciding whether a contract between two parties could be enforced when it had been made in violation of a state law. The majority opinion held that such contracts were not enforceable and thus the plaintiff's claim should be dismissed. However, Justice Field dissented from this decision arguing that while it may have been illegal for these parties to enter into an agreement under state law, they still had every right to do so under federal common law and therefore their contract should be upheld as valid and binding on both sides. He argued further that if states are allowed to invalidate contracts simply because they violate local laws then there would be no uniformity or consistency in how agreements are treated across different jurisdictions which would lead to chaos in commercial transactions throughout the country.