In the 1940 case of Millinery Creators' Guild, Inc. v. Federal Trade Commission, the U.S. Supreme Court upheld a ruling by the Federal Trade Commission (FTC) that found certain practices of the Millinery Creators' Guild to be in violation of antitrust laws. The guild had established price-fixing agreements and restricted sales to non-members, which was deemed as an unfair method of competition under Section 5 of the FTC Act. The court rejected arguments from the guild that their activities were protected by copyright law or justified due to unique aspects of millinery design and production process; they held that these did not exempt them from compliance with antitrust regulations.

The dissenting opinion in the case of Millinery Creators' Guild, Inc. v. Federal Trade Commission argued that the majority's decision to uphold the FTC's cease and desist order was incorrect because it failed to consider whether or not there was a substantial public interest at stake. The dissent contended that while competition is generally beneficial, it should not be promoted for its own sake without considering other factors such as quality control and consumer protection. They believed that by focusing solely on promoting competition, the majority overlooked these important considerations which could potentially harm consumers more than help them.