Tracy Morgan and Walmart have reached a settlement nearly one year after the famous comic was involved in a fatal car accident that left him in critical condition and killed his longtime friend.

The deadly crash occurred on June 7, 2014 when a speeding Walmart truck slammed into Morgan's Mercedes limousine, which was carrying him and four others on the New Jersey Turnpike. Comedian James "Uncle Jimmy Mack" McNair died in the collision, while the other passengers were seriously injured, CNN reported.

The 46-year-old "30 Rock" star suffered from broken ribs, a broken nose, a broken femur and a broken leg in the accident. He was hospitalized for two weeks, and then he spent three weeks recovering in a rehabilitation center. He also spent several weeks undergoing intensive outpatient treatment.

On Wednesday, Morgan and the retailer announced that a settlement was reached, without releasing the terms of the agreement in a press release, reports USA Today.

"Walmart did right by me and my family, and for my associates and their families. I am grateful that the case was resolved amicably," said the "Saturday Night Live" alum in a statement.

"Walmart and I worked diligently to reach this settlement for the plaintiffs and their families," said Morgan's attorney, Benedict P. Morrelli. "Walmart took full responsibility for the accident, which we greatly appreciate."

Walmart U.S. president and CEO Greg Foran also released a statement, saying: "Our thoughts continue to go out to everyone that was involved in the accident. 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. We worked closely with Mr. Morelli, and we are pleased to have reached an amicable settlement that ends this litigation. We are deeply sorry that one of our trucks was involved."

Back in July, the famous comedian and the other surviving victims filed a lawsuit blaming the multiple vehicle crash on Walmart for their careless and negligent ownership of the vehicle. According to the suit, the retailer has a custom and practice of recklessly allowing its drivers to operate its trucks for long periods of time without adequate rest, Reuters reported.

The complaint also states that an Arkansas-based Wal-Mart store knew or should have been aware that its truck driver, Kevin Roper, was awake for over 24 hours before the accident and was restricted by federal regulations from operating the vehicle. The suit also claims that Roper drove over 700 miles prior to beginning his work shift.