There is the CM patch but I doubt it resolves this error => http://darkmatters.org/forums/index.php?/files/
Alternatively you can read this post https://www.gamefaqs.com/boards/933200-sacred-2-fallen-angel/47357848 , basically it says to update your video card drivers (important), update PhysX version (even if you are on an ati. I would recommand to install PhysX Legacy Driver http://www.nvidia.com/object/physx-9.12.1031-legacy-driver.html ).
You can try that.
I installed patch, DX9, Physx Legacy, and still not working. :/
Maybe I will redownload and reinstall the game? I verified a integrity of files against I write this topic, but when I redownload and reinstall the game all redists will reinstall.
(Yes, I can install redists from Sacred 2 folder but a PhysX is bugged, I think beacuse I have a AMD.)
If you dont have any ideas I will do that.