Lightning events can cause fast polarization rotations and phase changes in optical transmission fibers due to strong electrical currents and magnetic fields. Whereas these are unlikely to affect legacy transmission systems with direct detection, different mechanisms have to be considered in systems with local oscillator based coherent receivers and digital signal processing. A theoretical analysis reveals that lightning events can result in polarization rotations with speeds as fast as a few hundred kRad/s. We discuss possible mechanisms how such lightning events can affect coherent receivers with digital signal processing. In experimental investigations with a high current pulse generator and transponder prototypes, we observed post FEC errors after polarization rotation events which can be expected from lightning strikes.