So here's what I did and it worked for me. Somehow the WinDriver that is on the software is uninstalling itself and needs to be listed with the drivers for Jungo for this software to work. I installed the software when I first got the machine with no problems, then suddenly I couldn't open it and was receiving the same connection error. When you go to http://www.futura-support.com/faq/machine.htm#2
to install the drivers, you'll notice their screen shot shows both the CLEM driver and the WinDriver. Check your machine following their instructions to see if you have both listed under the Jungo driver. If not, go to http://www.jungo.com/st/windriver_usb_pci_driver_development_software.html
and select the link under "Available WinDriver Toolkits" for your operating systems (I selected WinDriver USB for Windows). It asks a bunch of questions which I didn't know the answer to so I selected "other" on almost everything then entered "NA"or "?" for the other description. Select Download now and it will need to restart your computer. Once done, I looked at the device manager again and now WinDriver is listed under Jungo and CLEM and the software opens, no problems.
This will at least temporarily solve the issue, however, it's a free trial which means the download will expire at some point. Good news is, the windriver is on the futura disk, I just don't know why it's not installing or staying on the machine. I am sending all of this to Singer to figure out what they're missing in the installation files and hopefully get a fix permanently.