I realize this is an old post but, I'm answering because I had the same issue just now and still cannot find an answer via google.
Potential Reason: Person received a recurring invite, likely accepted then later deleted meeting, possibly without sending meeting decline notice. Inviter is likely someone outside of your exchange environment. Inviter then changes the invite and sends out update.
What Happens, because the inviter's system never registered the decline the right flags were never set when the update went out. This causes Outlook to error out.
Solution (testing) Have inviter remove you from the meeting invite and send out the update (only to deleted or updated attendees), give it some time and then add you back to the invite and again send out update. You should then be able to accept without error.