In the case of Ohio Utilities Company v. Public Utilities Commission of Ohio (1924), the Supreme Court ruled on whether a public utilities commission could regulate rates charged by utility companies. The Ohio Utilities Company challenged an order from the Public Utilities Commission of Ohio, which reduced its gas rates and required it to refund customers for overcharges based on those rates. The company argued that this violated their constitutional rights under the Fourteenth Amendment's due process clause because they were not given a fair opportunity to earn a reasonable return on their investment. The Supreme Court upheld the commission's authority, ruling that it was within its power to set "just and reasonable" rates for public utilities in order to protect consumers from excessive charges. It also found no violation of due process as long as there is an opportunity for judicial review or challenge before such orders become final, which was provided in this case.

The dissenting opinion in the case of Ohio Utilities Company v. Public Utilities Commission of Ohio argued that the majority's decision was a violation of due process rights. The justice contended that the commission had not provided sufficient notice or opportunity for hearing before making its rate determination, which he believed to be an essential requirement under both state and federal law. He also disagreed with the majority's interpretation of "just and reasonable" rates, arguing that it failed to take into account factors such as risk and investment return necessary for attracting capital to public utilities industries. Furthermore, he expressed concern over potential negative impacts on future infrastructure development if companies were unable to secure adequate returns on their investments due to arbitrarily low set rates by commissions without proper hearings or considerations.