I contacted a farily good sized lawyers office in Washignton State who I have used in the past and wanted to pass along what they told me.
Our office does have the skill set to work on breach of contract and litigation type matters as you mentioned below. However, one area that we don't practice in is potential malpractice claims against other attorneys. Based upon the below, it sounds like you may have a claim against the attorney that represented you if he negotiated a settlement that was not consistent with your authority or if he made misrepresentations that induced you to pursue settlement.
The other concern I have is that this matter may involve Canadian laws and courts, rather than Washington or even US laws. If that is the case, then we may have some issues even addressing the contract side of the situation. For example, while the interest rate seems high (and could be unlawful in Washington on consumer transactions), it may be allowable by Canadian standards. Without viewing the underlying documents and having more information, its hard for me to figure that out.
If you signed a binding agreement that you would pay or participate in the settlement, then your failure to pay would be a breach of the agreement. They could treat this as an individual breach against you (of the settlement agreement), or a failure of the settlement as a whole against all parties. That would just depend on how it is structured. If it has the effect of revoking the settlement, then presumably the company could sue or continue with the lawsuit to enforce the debt against the class. If construed as a personal breach of the agreement, the company would have the ability to sue you personally.
The statute of limitations on a breach of contract action in Washington is 6 years from the date of breach. However, I do not know what the statute of limitations would be if Canadian law applies. If there is no tolling agreement in place while the settlements are pending, and a lawsuit has not already been filed, then the clock is running. But, if there is a tolling agreement, the clock may be "frozen" for a period and will preserve the claims that would have expired in absence of the tolling agreement.
The statute of limitations in Washington for legal malpractice is 3 years. This is something to keep in mind if you think you may have a claim against your attorney.
Have other members expressed concern that the settlement is unfair? If so, what have they done to object? Do you know if any of them have been able to reach individual settlements that are more favorable than what was proposed to your class? If so, you might see if you can separately negotiate a buy out, even if its at the $3,000 price that was initially rejected. This could be cheaper than continuing to protest the action.
Once you have had an opportunity to review this information, please let me know if you have questions and/or would like further assistance from our office.