The issue has been fixed. Just a simple redownload from the cloud is needed. Make sure you delete the copy in the itunes library before redownloading. Heres the email I got today:
Dear iTunes Customer,
Thank you for downloading the movie The Avengers. Unfortunately, the movie you received may have had issues with the subtitles. We have corrected the problem and a new copy is available to download, free of charge. To receive the new version, please re-download the title from iTunes.
Before downloading the new version, remove the current version:
1) Open iTunes on your computer.
2) Click on your Movies library.
3) Click the movie to select it, and press the Delete key.
4) Click Delete Movie and then click Move to Trash.
To download the new version:
1) Sign into the iTunes Store.
2) Click Purchased on the right side in the iTunes Store under the QUICK LINKS section.
3) Click on Movies and select the movie you want to download.
4) Click the Cloud download icon to download the movie.
You will now have an updated version of the movie in your Movies Library.
To delete and download the movie from other devices, seehttp://support.apple.com/kb/HT2519.
Sincerely,
iTunes Store Team
http://www.apple.com/support/itunes/ww/