based on what i've read that theyre offering: $500, a refund of the cruise and *most* (not all) expenses and a credit for a future cruise.. i would say that what they consider to be 'suitable compensation' is an insult to the people who had to go through that misery, and for insulting them like that, i would stick it to them even harder.
i've never filed a lawsuit against anyone in my life, nor have i ever collected disablity, workers comp, etc.. but the only way to get some of these big corporations to pay any sort of attention whatsoever and to change their culture of putting off repairs, jacking passengers around, etc. is to hit them in the only place they care about: their bottom line.