Appearing on NBC's "Today" show Thursday, Morgan's lawyer, Benedict Morelli, said Morgan is happy to put the litigation behind him and have closure.
Terms were not disclosed, but the lawyer said money was involved.
Morelli says Morgan tells him he has a new lease on life.
A Wal-Mart truck slammed into the back of a limo van carrying Morgan and the others last June. Comedian James "Jimmy Mack" McNair was killed. Morgan suffered head trauma, a broken leg and broken ribs and is still recovering.
Wal-Mart called the settlement amicable.
Morgan is scheduled to appear live on the program on Monday.