FYI, I resolved the problem by manually running the sql query from the update.sql for 2.49 to 2.4.10:

ALTER TABLE mlf2_userdata ADD tou_accepted DATETIME NULL DEFAULT NULL, ADD dps_accepted DATETIME NULL DEFAULT NULL;
INSERT INTO mlf2_settings VALUES ('data_privacy_agreement', '0');
INSERT INTO mlf2_settings VALUES ('data_privacy_statement_url', '');

For whatever reason, this did not run when updating straight from 2.3.7 to 2.4.11