Well, usually, when the support under a column or frame settles the column goes down as well: 8<)
Two ways of looking at it seriously though:
1) The column was loaded up with some weight, and that weight was adequate and correctly calculated for the column and frames, but the concrete pad under the column couldn't hold the load.
Dirt and fill washed out under the concrete => the pad is going to keep going down (pulling the column with it) until your building fails;
dirt wasn't compacted enough under the concrete before the concrete was poured and so it will keep compresing until the dirt and fill is squished enough to stop moving => If so, then maybe your column will stop moving down before your building fails;
the concrete isn't the right size, or wasn't poured or mixed correctly, or the column baseplate is too small or missing and the column is driving "through" the concrete. (Alt: the concrete is driving down through the mud and fill under under it.) => Your column will continue driving the concrete down and the building will fail.
2) Your concrete and fill are good enough (neither is moving) but the column is not sized right for the load that is actually bearing on it. Usually, this would be a buckling though, not a simple "settling" or lowering of the column.
Immediately get your people safe, get the site safe for future work.
Then remove weight from the column, change your design, reinforce the column and replace it, (don't try to simply straighten it - it will fail again); fix and replace the coumn joints and connections, examine the adjacent columns and frames and see what needs to be replaced.
3) Hire a good lawyer and a big banker - you will need both.