I ran into this error code just now (0x85050041) and tried removing my account and re-adding it. I was able to remove my account, but when I tried re-adding it, after re-entering my password twice, it kept saying it could not fetch my account settings. (I have an Exchange online hosted domain & email account). After multiple tries, it kept failing to add the account, so I rebooted my phone. I was finally able to re-add my account, and it appears to be working OK.
Where was my issue? Not sure.. Maybe I should have tried just rebooting my phone first.