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We investigate a lattice structure for a special class of N-channel oversampled linear-phase perfect reconstruction filterbanks with a decimation factor M smaller than N. We deal with systems in which all analysis and synthesis filters have the same finite impulse response (FIR) length and share the same center of symmetry. We provide the minimal lattice factorization of a polyphase matrix of a particular class of these oversampled filterbanks (FBs). All filter coefficients are parameterized by rotation angles and positive values. The resulting lattice structure is able to provide fast implementation and allows us to determine the filter coefficients by solving an unconstrained optimization problem. We consider next the case where we are given the generalized lapped pseudo-biorthogonal transform (GLPBT) lattice structure with specific parameters, and we a priori know the correlation matrix of noise that is added in the transform domain. In this case, we provide an alternative lattice structure that suppress the noise. We show that the proposed systems with the lattice structure cover a wide range of linear-phase perfect reconstruction FBs. We also introduce a new cost function for oversampled FB design that can be obtained by generalizing the conventional coding gain. Finally, we exhibit several design examples and their properties.