Home directory on network drive not accessible in 3.3.4

[Thomas Wolff <towo@towo.net>]

I upgraded 3.3.3 → 3.3.4 in a lab environment, where my home directory 
is H:\ or /cygdrive/h

Starting cygwin (cmd/bash or mintty) with some tools from gnuutils (like 
ls) in the path gives me this message:

mkdir: cannot create directory ‘/cygdrive/h’: File exists
/cygdrive/h could not be created.
Setting HOME to /tmp.

After clearing PATH, then running bash or mintty:
bash: /cygdrive/h/.bashrc: Too many levels of symbolic links

$ cd /cygdrive/h
-bash: cd: /cygdrive/h: Too many levels of symbolic links

$ /bin/ls -l /cygdrive
/bin/ls: /cygdrive/h: Too many levels of symbolic links
/bin/ls: /cygdrive/l: Too many levels of symbolic links
total 48
d---r-x---+ 1 NT SERVICE+TrustedInstaller NT SERVICE+TrustedInstaller 0 
Apr 27 11:01 c
drwx---rwx+ 1 SYSTEM SYSTEM                      0 Mar 23 15:41 d
drwxrwx---  1 Administratoren Domänen-Admins             0 Nov 26 11:40 h
drwxrwxr-x  1 Administratoren Domänen-Admins             0 Dec 17 18:53 l

$ /bin/mount
//141.64.144.100/Labormaterial/TGI/cygwin64/bin on /usr/bin type ntfs 
(binary,auto)
//141.64.144.100/Labormaterial/TGI/cygwin64/lib on /usr/lib type ntfs 
(binary,auto)
//141.64.144.100/Labormaterial/TGI/cygwin64 on / type ntfs (binary,auto)
C: on /cygdrive/c type ntfs (binary,posix=0,user,noumount,auto)
D: on /cygdrive/d type ntfs (binary,posix=0,user,noumount,auto)
H: on /cygdrive/h type ntfs (binary,posix=0,user,noumount,auto)
L: on /cygdrive/l type ntfs (binary,posix=0,user,noumount,auto)

Reverting to cygwin 3.3.3 solves the issue. Maybe related to the other 
3.3.4 problem reported today?
Kind regards,
Thomas