Getty Images
The terms of the proposed settlement were not disclosed.
On June 7, 2014, a Wal-Mart truck driver crashed into a limousine, killing one passenger and injuring four others, including Morgan.
Morgan, a former "Saturday Night Live" and "30 Rock" star, suffered broken bones and what his lawyer, Benedict Morelli, said was a traumatic brain injury.
"Walmart did right by me and my family, and for my associates and their families. I am grateful that the case was resolved amicably," Morgan said in a written statement.
"Our thoughts continue to go out to everyone that was involved in the accident," Walmart U.S. Chief Executive Greg Foran said in a statement. "While we know there is nothing that can change what happened, Walmart has been committed to doing what's right to help ensure the well-being of all of those who were impacted by the accident."
In March, Morelli told the AP that Morgan is not fully recovered but is "working very hard to get better, physically, emotionally and mentally." Morgan had hoped to attend the 40th anniversary show of "Saturday Night Live" in February, Morelli said, but was not well enough. Morgan still hasn't seen a segment in which his "30 Rock" co-stars Tina Fey and Alec Baldwin paid tribute to him during the show, Morelli said.
"I think it's going to take him a while before he's emotionally and mentally ready to watch that," the attorney said. "He knows about it. He said to me, 'I couldn't watch it, but one day I will.'"