This case was a dispute between the New Orleans National Banking Association and the defendant, Le Breton. The banking association had loaned money to Le Breton, and when he failed to repay the loan, the association sued him for the amount due. Le Breton argued that the loan was usurious and therefore void, and that the association was not entitled to any repayment. The Supreme Court disagreed, ruling that the loan was not usurious and that the association was entitled to repayment. The Court held that the loan was not usurious because the rate of interest was not excessive, and that the association was entitled to repayment because the loan was valid and enforceable. The Court also held that the association was entitled to interest on the loan, as well as costs and attorney's fees. The Court's ruling was in favor of the banking association, and Le Breton was ordered to repay the loan, plus interest, costs, and attorney's fees.

In the case of New Orleans National Banking Association v. Le Breton, the Supreme Court was tasked with determining whether a bank could be held liable for failing to pay out an insurance policy after it had been assigned by its original owner. The majority opinion found that banks were not responsible for such payments and thus did not have to make them in this instance. However, Justice Field dissented from this decision, arguing that under Louisiana law at the time, banks should be held accountable when they receive assignments of policies like these and fail to honor them as required by state statute. He argued that since there was no dispute over who owned the policy or what amount was due on it, then any reasonable person would expect a bank receiving such an assignment to fulfill their obligations under state law and pay out accordingly. Furthermore he noted that if banks are allowed to ignore such assignments without consequence then it will lead people away from trusting banking institutions with their money or other assets in future transactions which would ultimately harm both parties involved as well as society at large.