Controlled folder access
I've run into the same issue.
What I found was that, even though I ran the game as an administrator I still got the Placeholder error. That makes no sense unless there is some other security feature in the mix. Now I've also been getting errors when creating files in my documents folder through other programs like, well anything really. Granted I've been messing with permissions for my folders in order to build a more secure system.
When searching for the symptoms I came across "Controlled folder access" in Windows 10. Not sure if its enabled by default or if I enabled it myself after an update and then forgot about it. Would've been nice if there'd been some sort of notification when an application is blocked...
Search for "controlled folder access" or browse to it via "Windows Security / Virus and threat protection / Ransomware protection". Here you can either add Rayman Legends as an exception (it will list recently blocked applications) or disable the functionality altogether.
So far it seems to have done the trick.
Cheers!
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