Dordick said when he filed the lawsuit that Fiat Chrysler had mailed a recall letter to Yelchin that was received seven days after his death.
According to The Hollywood Reporter, the confidential settlement was filed Thursday at a Los Angeles Superior Court.
Yelchin's publicist says that the settlement will go to his foundation.
Fiat Chrysler said that it is "pleased that we've reached an amicable resolution in this matter" in a statement.
"In spite of our unbelievable grief, we chose to come here to prevent other families from the same tragedy", Victor Yelchin said.
Funds will also be used to make a documentary about the actor's life. It then went on to give a list of reasons why Yelchin could potentially be at fault, hinting at things like aftermarket changes and that Yelchin's parents potentially did not properly maintain the auto following the accident.
Victor and Irina Yelchin sued Fiat Chrysler because the Cherokee model was among 1.1 million vehicles the company recalled two months before Yelchin's death.
Yelchin has had five posthumous film releases, including one last performance as Chekov in 2016's Star Trek Beyond.
According to the document, Yelchin was "crushed and lingered alive for some time, trapped and suffocating until his death".
But he appeared in nearly 50 films from 2000, including Alpha Dog, Terminator Salvation and the critically acclaimed 2016 neo-Nazi thriller Green Room.
Yelchin was on his way to meet friends for a rehearsal the night he died. When he didn't show up, the group came to his home and found him dead in the early morning. His family moved to the United States in September of the same year as political refugees. His mother worked as a figure skating choreographer and his father as a figure skating coach.
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