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Hello graydl,
Please try to (re)install Parallels Tools as suggested at : http://kb.parallels.com/4841 and check how it goes!
Did you ever solve this?I did that. No change. Trying to do a straight paste pegs the cpu on Lotus Notes and it goes to not responding. Waiting for several minutes still no response. The only way to get out is to kill Lotus from the Force Quit Applications menu.
For informational purposes -- pastes from Word and Powerpoint work fine.