Caperton v. A.T. Massey Coal Co., which will be argued before the Supreme Court today, is one of the most important cases this term. Unfortunately, much of the press coverage of this dispute is superficial and misleading -- and as a result, the public is unaware of the momentous First Amendment issues at stake.

The case has its roots in a complicated tale of political and corporate intrigue between two coal companies, leading eventually to a jury verdict of $50 million in favor of Hugh Caperton, owner of Harman Mining Co.,...