I have the same problem with Kubuntu 14.04.4 Trusty Tahr. The common LTS updates yesterday contained 2:1.6.7-Ovanir1~14.04(trusty) which replaced 2:1.6.1-1ubuntu1 (trusty). While boot I get the message "cryptsetup: unknown fstype, bad password or options?" although the password was correct. Nevertheless the system boots normally after that.
I solved the problem by forcing Kubuntu to use the old version of cryptsetup by using the Muon-package-manager .
I have the same problem with Kubuntu 14.04.4 Trusty Tahr. The common LTS updates yesterday contained 2:1.6.7- Ovanir1~ 14.04(trusty) which replaced 2:1.6.1-1ubuntu1 (trusty). While boot I get the message "cryptsetup: unknown fstype, bad password or options?" although the password was correct. Nevertheless the system boots normally after that. manager .
I solved the problem by forcing Kubuntu to use the old version of cryptsetup by using the Muon-package-