Noting the suit has been amicably resolved, the 46-year-old "Top Five" actor said that the multinational retail corporation was eager to take full responsibility for the accident, reported Ace Showbiz.
"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 statement.
Walmart initially pleaded not guilty, claiming Morgan and another victims got injured because they didn't wear seat belts during the crash.
However, Morgan's attorney Benedict P Morelli said in the statement that Walmart admitted they were at fault.
"Walmart took full responsibility for the accident, which we greatly appreciate." Details on the terms and conditions of the settlement were not disclosed.
The accident occurred on the New Jersey Turnpike last June. A Walmart tractor-trailer bumped into the back of Limousin van carrying the comedian and some fellows from a show in Delaware.
The accident killed comedian James McNair and caused Morgan to suffer from head trauma, a broken leg and broken ribs.
Following the wreck, Morgan filed a lawsuit against Walmart, claiming the truck driver fell asleep behind the wheel. He further claimed in the suit that the driver hadn't slept for more than 24 hours, hence the retailer shouldn't have let him drive.
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