The Explorer was part of a security motorcade - traveling at 80 mph in a 70 mph zone - carrying Shinhoster to Montgomery.
The plaintiffs claim that the tyre on the Explorer blew out and "disintegrated," and that Bridgestone-Firestone knew the tyre was defective. The lawsuit also claims Ford was at fault because defects allegedly caused the Explorer to roll over after the blowout.
Ford had earlier released a statement saying excessive speed and an old tyre contributed to the crash.
No details were released over the size of the settlement.