I believe that issue is from the Gamma/LUT Correction. Turn that off and see if it fixes it. Here's an image on how to turn it off:
https://www.dropbox.com/s/i2ciy8jf6tlki2w/Gamma_Off.jpg
If that doesn't help, I'd check the image in photoshop and make sure that it's 8 bit and not 16 bit. Sometimes when the image is 16 bit, it scrambles things. Here's an image on how you can check that:
https://www.dropbox.com/s/u673lf8f3a...bitchannel.jpg
If you're still having issues with that, can you send me the max file and whatever textures you're using. I'd like to take a look at them.