  We present measurements of decay amplitudes and triple-product correlations
in B -> phi K^* decays based on 253 fb^-1 of data recorded at the Upsilon(4S)
resonance with the Belle detector at the KEKB e^+ e^- storage ring. The decay
amplitudes for the three different helicity states are determined from the
angular distributions of final state particles. The longitudinal polarization
amplitudes are found to be 0.45 +- 0.05 +- 0.02 for B^0 -> phi K^{*0} and 0.52
+- 0.08 +- 0.03 for B^+ -> phi K^{*+} decays. CP- and T-odd CP-violating
triple-product asymmetries are measured to be consistent with zero.
