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Prosecutors, defense agree to reduced prison sentence for convicted ex-Enron CEO Skilling

Federal prosecutors and attorneys for convicted ex-Enron Corp. CEO Jeffrey Skilling say they have reached an agreement that will reduce the jailed executive's sentence for his role in the energy giant's collapse.

Under an agreement made public Wednesday, Skilling's original sentence of more than 24 years would be reduced to somewhere between 14 and 17½ years. The final decision on the length of the sentence will be made by U.S. District Judge Sim Lake at a June 21 hearing in Houston.

Skilling's attorney Daniel Petrocelli says the agreement "brings certainty and finality to a long, painful process."

Justice Department spokesman Peter Carr says the agreement will allow victims of Enron's collapse to finally receive more than $40 million in restitution they are owed.

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