California Court Recognizes LLC Member Lists as Trade Secrets in Recent Ruling

When an LLC member suspects the company is playing favorites with redemption requests, how much access should they have to the membership rolls to investigate? In a recent decision relevant to California limited liability companies, the Court of Appeal for the Sixth Appellate District held in Perry v. Stuart Perry v. Stuart, 2025 Cal. App. LEXIS 334 (6th Dist.. 2025) that an LLC's member list can constitute a trade secret, allowing managers to redact member names and addresses even when faced with a statutory demand for books and records inspection.