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It could be one of the resistors has failed open. I'd suggest disconnecting the two wires to CT3 and then measure the resistance between the two removed wires. It ought to be 3.75 ohms. The resistance of R12 & R13 7.5ohm resistors in parallel. If you get about 7.5 ohms then I'd suspect one...
You indicated you had 9.5 v across R12. What's the voltage across R13?
When set to 120/240 the switch connects R12 and R13 in parallel. My hunch is they are not getting connected in parallel resulting in about 2x the voltage.
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