Attention: If you encrypt your disk with TPM the following steps will clear the encryption keys and you'll lose your data (thanks @Simon Richter)! I encrypt my disk with Ubuntu's encrypted home & encrypted LVM and did not lose any data.
I was able to solve this issue by:
Reboot the machine and enter the BIOS (usually by hitting the F2 or esc or del key depending on your motherboard)
Go to Security → TPM 1.2 Security
Enable the Clear checkbox to clear the TPM information
Save & exit the BIOS
Install the TPM update again, after rebooting the update should succeed