His retrial on a murder charge was set for May 8.
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In a statement to ABC11, Peterson's attorney David Rudolf said "We have reached an agreement with the Durham County District Attorney's office that will resolve all charges against Michael Peterson. A hearing on the agreement has been scheduled for February 24, 2017 at 11 am."
Peterson, who was also a former newspaper columnist and candidate for mayor of Durham, was convicted of first-degree murder in 2003 and sentenced to life in prison without parole.
However in 2011, he was ordered released pending a new trial by Superior Court Judge Orlando Hudson. Hudson found that SBI blood analyst Duane Deaver gave false and misleading testimony at Peterson's first trial.
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The North Carolina Supreme Court later upheld that decision.
Kathleen Peterson was found at the bottom of a bloody staircase in the couple's mansion. Peterson has maintained his wife died in an accidental fall after drinking alcohol and taking Valium.
Peterson is currently out of jail.