Can I dispute the amount they want to settle for ?
You havent provided enough information. If this happened while working in california for a california employer, you need to consult with a workers compensation attorney in Ca. If you were working for an out of state employer, and you were out here on business when this happened, you may be covered by workers comp in your home state, and you should check with a workers comp atty there.
depending upon how the incident occurred, you may have had a personal injury claim too. Since this happened in 2001, there is a strong possibility that you waited too long to pursue such a case if no suit has been filed by this time.