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City Attorney Mike Aguirre is scheduled to announce at 10 a.m. a settlement with Vinson & Elkins, the law firm whose $6.2 million investigations into city finances were found to lack the independence needed to satisfy outside auditors and the Securities and Exchange Commission.

Aguirre sued the firm, which also represented Enron, for malpractice in July 2006. A source told me that the settlement is for $3.25 million in cash and the forgiveness of an additional $1.1 million in bills on which the city had withheld payment.

For some background into firm’s troubled tenure here in San Diego, check out our investigation into Vinson & Elkins.

Stay tuned for more.

ANDREW DONOHUE

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