He pointed out the defendant's legal budgets are essentially infinite, and they are more than willing to fight the case to the supreme court. Once you get there, a victory by the plaintiffs are not assured. Remember, these are the guys who handed down Citizen's United. Do you want a new TV now, or a very(!) small chance to get a new car 5-10 years from now? That's what it comes down to.
That's a very good arguement for why the lawyers don't want to argue this further. Not so much for their clients. $5000 is not very much money for each person affected by this, but the millions that the lawyers will get is a lot of money. Furthermore, the lawyers may have to put in 10x the effort to get 10x in damages, which means 10x the fees. As a lawyer, would you:
1. Take the money now and find another lawsuit to work on, or
2. Put in 10x the effort, for the chance of getting 10x the rewards?
Obviously you choose the former.
for the clients, though, the question is rather different: Would you
1. Take a small amount of money now, or
2. Gamble on getting 10x the money, just by being prepared to wait for the money?
That's a very different equation.