Lukas,
Do you have a scope? Put it on to J88 SCL pin and try a transaction - you should see square wave about 92 KHz. If it's there, there's likely something wrong with your device. If not, I2C bus is not getting initialized properly. Are you using /dev/i2c-0 to access I2C? It's available in LTIB kernel configuration.
If you see the SCL pulses but still no luck, I recommend spending a couple hundred dollars on a I2C bus analyzer. It will read what's flying on SCL and SDA. Here are two options:
http://www.zeroplus.com.tw/logic-analyzer_en/products.php?pdn=1&product_id=250
(inexpensive, works)
http://www.totalphase.com/products/beagle_ism/
(a bit more expensive, better software)