The New England Divisions Case: Akron, Canton & Youngstown Railway Company v. United States, Interstate Commerce Commission, Boston & Maine Railroad et al., 1922 was a landmark case that dealt with the regulation of railway rates by the Interstate Commerce Commission (ICC). The Akron, Canton and Youngstown Railway Company challenged an order from the ICC which required them to lower their freight rates for transporting goods between various points in Ohio and Massachusetts. They argued this violated their rights under the Fifth Amendment as it would result in confiscatory returns. However, the Supreme Court upheld ICC's decision stating that railroads were subject to government regulation due to their public nature. It ruled that while companies had a right to earn a reasonable return on investment; they did not have an absolute right against rate reductions ordered by regulatory bodies like ICC if such reductions were found necessary for public interest.

In the dissenting opinion for Akron, Canton & Youngstown Railway Company v. United States, Interstate Commerce Commission, Boston & Maine Railroad et al., Justice Holmes disagreed with the majority's decision to uphold the ICC's order that required certain railroads to maintain and operate two unprofitable divisions. He argued that this was an overreach of power by a regulatory body and amounted to confiscation without compensation - a violation of due process rights under the Fifth Amendment. Holmes believed it was not within ICC’s jurisdiction or authority to force private companies into continued operation at a loss; he saw this as essentially forcing them into involuntary servitude for public benefit without just compensation. Furthermore, he contended that such decisions should be left up to Congress rather than administrative bodies like the ICC.