Article ID: 2687375 - View products that this article applies to.
Consider the following scenario:
The list item could not be inserted or updated because invalid lookup values were found for the following field(s) in the list: [name].
To resolve this issue, apply the following hotfix package:
2687339After you apply the hotfix package, you must create the following flag in the NewForm.aspx page and in the EditForm.aspx page by using SharePoint Designer:
(http://support.microsoft.com/kb/2687339/ )Description of the SharePoint Foundation 2010 hotfix package (Wss-x-none.msp): August 28, 2012
After you apply the hotfix package, using SharePoint Designer, you may update the web part properties on the List View web part on NewForm.aspx and EditForm.aspx. To resolve the issue, look under miscellaneous and select the "UseStandardControl" check box for both web parts.
Microsoft has confirmed that this is a problem in the Microsoft products that are listed in the "Applies to" section.