Status:
Bug 24657 is being investigated.
Workaround:
In the meanitme, make sure all the files that constitute a Hyper-V VM to be backed up, are located on the same path and volume.
For instance the following VM EXCH01 backups were impossible, as its files were located as follows:
C:\ClusterStorage\Volume2\Virtual Machines\EXCH01\EXCH01\Virtual Machines\484EB6F2-4C19-400A-BF68-19A54153438C.xml
C:\ClusterStorage\Volume2\VMMDisks\EXCH01-7f3edea2-aada-4e77-9728-219c5d9daa76-TEMPLATEDATACENTER.vhdx
C:\ClusterStorage\Volume2\Virtual Machines\EXCH01\EXCH01\EXCH01_5.vhdx
C:\ClusterStorage\Volume2\Virtual Machines\EXCH01\EXCH01\EXCH01_disk6log.vhdx
C:\ClusterStorage\Volume2\Virtual Machines\EXCH01\EXCH01\EXCH01_disk_1.vhdx
C:\ClusterStorage\Volume2\Virtual Machines\EXCH01\EXCH01\EXCH01_disk_2.vhdx
and
C:\ClusterStorage\volume3\virtual machines\EXCH01\EXCH01_3.vhdx
C:\ClusterStorage\volume3\virtual machines\EXCH01\EXCH01_4.vhdx
Migrating:
C:\ClusterStorage\volume3\virtual machines\EXCH01\EXCH01_3.vhdx
C:\ClusterStorage\volume3\virtual machines\EXCH01\EXCH01_4.vhdx
to
C:\ClusterStorage\Volume2\Virtual Machines\EXCH01\EXCH01\Virtual Machines\
allows for successfull backup.