The backslant (\) character is a control character in TeX. If you want to have it display correctly, you need to use the double-backslant (\\) to display a single backslant correctly.
Esample:
figure(1)
scatter(rand(50,1), rand(50,1), '+')
title('M:\\Data\\D201412','Interpreter','tex')
The double-quote (") could be a problem as well. If you want to include those, you have to enclose them as part of the string, in single quotes:
'"M:\Data\D201412"'