Wealth management firm petitions to drop out of Britney Spears conservatorship

LOS ANGELES (KABC) -- The wealth management firm about to take over as co-conservator of Britney Spears' estate has asked to withdraw from the arrangement following her dramatic testimony demanding an end to the conservatorship that she's been living under.

In a court filing, Bessemer Trust stated that after Spears' recent court appearance blasting the conservatorship, the company respects her wishes and no longer wants to be involved in the matter.

"The Conservatee claimed irreparable harm to her interests in her testimony and, more specifically, the Conservatee's objection to the continuation of the voluntary Conservatorship and her desire to terminate the Conservatorship," the Bessemer Trust petition read. "Petitioner has heard the Conservatee and respects her wishes."

Meanwhile, a judge has denied the singer's request to have her father removed from the conservatorship.

Her father, James Spears, is now calling on the court to investigate her claims of abuse, saying he has only overseen his daughter's finances over the past two years.

EMBED More News Videos

The judge presiding over Britney Spears case has denied a motion to remove her father Jamie as her co-conservator, saying he will remain "at least for now."

A court-appointed professional, Jodi Montgomery, has had power over Britney Spears' personal decisions since her father relinquished that role, known as conservator of the person, in 2019.

"Mr. Spears is not the conservator of the person. He has not been the conservator of the person since September 2019," one of the court filings says. "Ms. Montgomery has been fully in charge of Ms. Spears day-to-day personal care and medical treatment."

Montgomery, whose appointment Britney Spears supported, is serving temporarily. The court was expected to make her role permanent, but one of James Spears' filings says his daughter's criticism of Montgomery last week suggests that she doesn't want her in the role.

Montgomery's attorney Lauriann Wright said in a statement in response that "conservatorships in California are subject to the strictest laws in the nation to protect against any potential abuses," and that Montgomery is "a licensed private professional fiduciary who, unlike family members who serve as conservators, is required to follow a Code of Ethics."

EMBED More News Videos

Demanding an end to the conservatorship, Britney Spears told a judge in a Los Angeles courtroom: "Ma'am I'm not here to be anyone's slave."

Wright said Britney Spears' right to marry or have more children are not affected by the conservatorship, and that Montgomery has had no say in those matters since she took on the job.

"I can state unequivocally that Jodi Montgomery has been a tireless advocate for Britney and for her well-being," Wright said, adding that "it is her sincere personal wish that Britney continues to make meaningful progress in her well-being so that her conservatorship of the person can be terminated."

Montgomery is creating a care plan with that end in mind, the statement said.

The Associated Press contributed to this report.
Copyright © 2022 KABC Television, LLC. All rights reserved.