On Monday (July 26), Bessemer Trust's request to be removed as co-conservator of Britney Spears' finances was approved by Los Angeles County Superior Court Judge Brenda Penny. This move leaves Britney's father, Jamie Spears, as the only person left in control of her conservatorship.
Bessemer Trust—a private, independent multi-family office that oversees more than $140 billion for over 2,500 families, foundations, and endowments, according to its website—opted to step away from its involvement with the conservatorship following Britney's bombshell testimony last month. The pop star accused her father of conservator abuse and requested the conservatorship come to an end.
Though Jamie remains as the only conservator overseeing Britney's finances, the 'Circus' singer's lawyer, Matt Rosengart, is currently working to have him removed. According to a new report from TMZ, Britney and her legal team filed legal documents requesting CPA Jason Rubin take over.
Should this request be approved, Rubin would be in control of Britney's entire estate, as well as be given powers of attorney over the singer's health care decisions and real estate portfolio. The hearing to instate Rubin is set to take place on December 13.
In the filing, Britney and Rosengart paint a troubling picture of her private life as a conservatee of her father. Rosengart alleges the Spears family "struggled financially under his leadership and filed for bankruptcy in 1998," which makes Jamie a poor choice to oversee his daughter's financials.
The documents also go on to reveal details of Britney and Jamie's fractured relationship, calling the situation "traumatizing, insane and depressing" for the singer. Having Jamie as Britney's conservator is "venomous," the filing continues, and the strained relationship "impairs Ms. Spears's mental health, her well-being, and her ability to pursue and continue with her extraordinary career."
"Since receiving professional medical care at the outset of this conservatorship over thirteen years ago, Ms. Spears is clearly in a different place now, and she has been for many years,
the document states. "The entire world has witnessed Ms. Spears working tirelessly -- with astonishing dedication, precision, and excellence -- as a musical artist and performer, an exceptional earner for Mr. Spears (and others) who had a financial interest in making sure she would continue to work and perform."
The documents go on to allege that Jamie has benefited financially from acting as Britney's conservator. Jamie reportedly takes home $16K per month, plus an additional $2K for "office expenses," for acting as conservator. He also allegedly gives himself a cut of all her professional earnings, including tour and live show revenue.