Terms of the settlement have not been disclosed, reports The Blast.
Walker's daughter, Meadow, filed the lawsuit claiming her father survived the initial crash in a Porsche Carerra GT driven by Roger Rodas.
The suit claimed that the seatbelt Walker was wearing "snapped Walker’s torso back with thousands of pounds of force, thereby breaking his ribs and pelvis," and that Porsche was aware of numerous stability issues surrounding its Carrera GT flagship.
The settlement details are confidential, but documents uncovered show Walker's father also settled with the German luxury and sports car maker in a separate case. Additionally, Meadow Walker already collected $10.1 million from Rodas' estate last year.
Rodas wrecked the Carrera GT after allegedly hitting speeds between 80 and 93 mph in a 45 mph zone with Walker as a passenger. The car skidded out of control, struck a telephone pole, and burst into flames. Investigators allege that high speeds and old tires fitted to the Carrera GT played a part in the tragic crash.
Last year, a judge cleared Porsche of any wrongdoing after Rodas' wife also filed a wrongful death suit against the company. At the time, Porsche said the particular Carrera GT had been “abused and altered” as well as “misused and improperly maintained,” and that the risks “were open and obvious."