Agreement was reached in a case brought by the family of Paul Van Alfen and Charlene Jones Lloyd.
They died when their Toyota Camry slammed into a wall in Utah in 2010. The financial terms cannot be disclosed at this time.
The remaining lawsuits are not affected by the settlement.
Last month Toyota agreed to a settlement worth more than $1 Billion to resolved hundreds of lawsuit claiming economic losses Toyota owners suffered when the Japanese auto-maker recalled millions of vehicles.