Communication of essential matters regarding a client matter is required. Call, make an appointment to go in, have a heart-to-heart conversation, and if you're still not happy switch. Settlements are usually reported right away because they represent potential income to all concerned.
Unless the settlement offer expired before you could accept, there has been no malpractice. There has been lousy communication. My colleague is correct, set an appointment with the attorney to correct the problem. If you are not satisfied, switch attorneys.
The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change.