I know this thread is old, but I thought I would post a fix in case anyone else comes across this.
This issue is gone in SDK 6.0. It has a newer version of ld-linux (although I'm not sure that's why this is fixed).
If using one of the SDK 5.x filesystems, the following thread suggests commenting out a couple references to memcpy and strlen in coregrind/m_redir.c
For details, take a look at this thread:
http://sourceforge.net/p/valgrind/mailman/message/30887009/