The general consenus on my side of the pond is that it is not an unreasonable offer -with the caveat you did not sustain serious injuries.
Why should they hike up the offer to pay fat lawyers? Cultural difference I suspect.
I think there were approx 100 US and 25 UK citizens on board.
Honestly, and I know if this is a big assumption - if I did not sustain major PTS - I'd probably settle. If I was still working and had to take 1 week's sick leave - I would be paid therefore no compo required for loss of earnings.
But I have survived a major RTA, walked out of a burning building and have been rescued from drowning - and fortunately never even had a broken night's sleep.
So I'd bank the cheque - spend it on more land based holidays
and move on with my life.