Hotelier ITT Sheraton Corp. owes John Hancock Mutual Life Insurance Co. and a unit of Sumitomo Corp. more than $51 million in damages for mismanaging the former Sheraton Washington Hotel and engaging in commercial bribery with the hotel’s suppliers, a Delaware jury decided.
A federal court jury in Wilmington deliberated about 12 hours before finding that Sheraton officials breached a management contract for the nation’s capital’s largest hotel by accepting kickbacks from hotel suppliers. Jurors awarded John Hancock and Sumitomo a total of $51.58 million in damages, including $37.5 million in punitive damages.
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