The wealth management firm that was set to become the co-conservator of Britney Spears’ estate alongside her father James has asked to withdraw from it.
Bessemer Trust, which manages more than $100billion in assets across its portfolio, filed a new court document today (July 1) in which it requested to resign from the arrangement.
The New York Times reports that the trust referred to the public outcry of the conservatorship as “changed circumstances” and stated that it was previously unaware of Britney’s objection to the conservatorship. Last week (June 23) the singer gave testimony in which she said she wanted the “abusive” arrangement to end without further evaluation.
In its court filing, Bessemer Trust claims that it was told that Britney’s conservatorship was voluntary and that she had consented to the company acting as co-conservator.
“As a result of the conservatee’s testimony at the June 23 hearing, however, Petitioner has become aware that the Conservatee objects to the continuance of her Conservatorship and desires to terminate the conservatorship. Petitioner has heard the Conservatee and respects her wishes,” part of the court filing reads.
The company had been legally approved to be added as co-conservator of the estate last year, however, it had not actioned anything nor taken any fees nor any assets of the pop star’s approximate $60million estate.
The news follows a judge’s refusal to remove Britney’s father from her conservatorship yesterday (June 30).
According to Variety, documents filed by the Los Angeles Superior Court show a judge had denied a “months-old” request to remove Jamie as conservator, as submitted by Britney’s lawyer Samuel D. Ingham III.
“The conservator’s request to suspend James P. Spears immediately upon the appointment of Bessemer Trust Company of California as sole conservator of estate is denied without prejudice,” the court documents reportedly read.
The documents also reportedly stated that the court found Britney to be “substantially unable to manage his or her financial resources or to resist fraud or undue influence”.
“It is unacceptable that any woman, or human, wanting to be in control of their own destiny might not be allowed to live life as they wish,” Aguilera said.
In last week’s testimony Britney referred to her conservatorship, which led to the fan-created #FreeBritney movement, as “abusive”.
She alleged that while under the conservatorship she is forbidden from having more children, getting married or taking out her IUD.