Financier J.B. Allenbury (Cecil Kellaway) is determined to file a $2 million libel suit against ''The Morning Star'' when the newspaper prints a story claiming his daughter Connie (Esther Williams) was responsible for the breakup of a marriage. Anxious to save his paper from financial ruin (Allenbury's real goal), editor Curtis Farwood (Paul Harvey (actor)) enlists the help of business manager Warren Haggerty (Keenan Wynn), who postpones his marriage to Gladys Benton (Lucille Ball) in order to assist his employer.
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