How much compensation can a publisher require of an editor for mistakes in editing content?

I edited a book in late 2010 that began selling in March 2012. Two weeks ago, I received a call from the publisher saying that readers were calling in with errors in the content, and that they were going to recall all of their books. Holding me responsible for the errors, they are asking me to pay for the cost of re-editing and re-publishing the books, including the cost of computer editing, film, paper, binding, and shipping (about $60,000). Nothing in the contract applies here. Except for a clause that says that if the publisher is unhappy with the editing, they can ask for a re-edit at no extra charge within 30 days. It has been a year and a half. I think that my compensation should cover a refund of my original editing fee ($3,000), and I am willing to buy out the first edition (with the errors), including the copies that have not been sold yet. However, if the publisher was planning to print a second edition anyway which they were, I do not see how I would have to pay for the cost of paper, binding, etc. This is a foreign-language vocabulary book, and the errors in question are what the publisher feels are incomplete or incorrect translations not the entire book. I concede that there are errors, as there are prone to be when publishing a book with 15,000 example sentences, and want to settle, but the gap between what I think I should pay (about $5,000-6,000) and what they are asking ($50,000-60,000) is so ridiculously large that even a halfway point would seem ludicrous to me. How good of a case do they have?