A complete study of the angular distributions of the processes, $Lambda_b to {Lambda} V(1^-)$, with $Lambda to p {pi}^-$ and $V (J/{Psi}) to {ell}^+ {ell}^-$ or $V ({rho}^0,omega) to {pi}^+ {pi}^-,$ is performed. Emphasis is put on the initial $Lambda_b$ polarization produced in the proton-proton collisions. The polarization density-matrices as well as angular distributions are derived and help to construct T-odd observables which allow us to perform tests of both Time-Reversal and CP violation.