Comment 6 for bug 558878

Thank you for attaching the requested log file. Please quit Ubuntu One & edit the contents of ~/.config/ubuntuone/syncdaemon.conf to show:

[bandwidth_throttling]
read_limit = 2097152
write_limit = 2097152
on = False

Save the file & reboot.
You should now connect & be able to sync correctly.

If that does not resolve your issue, please follow the instructions outlined at https://answers.edge.launchpad.net/ubuntuone-client/+faq/778 to completely remove and reinstall the Ubuntu One client.

Thanks in advance!