Disc installations on consoles\n\n Insert a game disc into your console's disc drive. The game will automatically install on PlayStation consoles. On Xbox consoles, you'll be prompted to install the game. Please note: Call of Duty: Modern Warfare II requires a Day One update in order to play the game.

Re-installing Modern Warfare 2 seems to have solved the issue for the majority of players in the Call of Duty community. Re-installing the game will solve any issues with corrupt files and also deal with any other bugs and performance issues in the title apart from the Disc Read  error.