I received these instructions from Apple rep. They work UNTIL the computer is rebooted, then it is back to -42408 error.
I repeat THIS DID NOT WORK FOR ME:
To resolve this, I recommend getting rid of the SC folder and then uninstalling and reinstalling iTunes. Before beginning, please back up your iTunes library as explained here:
How to back up your media in iTunes
http://support.apple.com/kb/HT1382
To uninstall iTunes, please follow the steps in this article:
Removing iTunes for Mac OS X
http://support.apple.com/kb/HT1224
After you've uninstalled iTunes and removed the related files, you will need to reinstall it. You can download the latest version free of charge from the iTunes website:
http://www.itunes.com/download
After you've reinstalled iTunes, please ensure you have the latest version of QuickTime installed. You can find the latest version here:
http://www.apple.com/quicktime/download
If you continue to experience difficulties with iTunes after uninstalling and reinstalling it, you may wish to call our AppleCare technical support team. A representative will be able to tell you about Apple's complimentary and fee-based support options and can help you determine which option might be most helpful in this case. To find the appropriate phone number, please visit:
http://www.apple.com/support/contact/phone_contacts.html
I repeat ABOVE DID NOT WORK FOR ME.