The parents of hit-and-run victim Ryan Kanost were in court Thursday afternoon after reaching a settlement agreement with the man convicted of being responsible for their son’s death.

Joshua Walton has agreed to pay the victim’s parents $550,000 for the wrongful death claim. Most of the money, $500,000, was paid to the couple Thursday, in the form of four checks from State Farm Insurance. Walton has agreed to pay the remainder from his own pocket.

In March 2008, Walton was sentenced to 90 days in jail. He was convicted seven months earlier of misdemeanor vehicular homicide and failure to stop at an injury accident.

On Sept. 23, 2006, he was driving in the area of 13th and Kentucky streets. There he struck and killed Kanost, a KU student, who was crossing the street. Walton left the scene without calling for help.

Walton was not in court for the settlement hearing. His attorney, Will Larson, appeared on his behalf.

Larson told the court that his client is seeking financing for the remaining $50,000, but if he’s unable to get a loan for the money, he will hand over his own property, in the form of a promissory note with a mortgage.

The Kanosts, from Manhattan, agreed to the settlement, which keeps them from pursuing any further legal action against Walton.

The couple declined to comment after the hearing.