The company that was appointed as co-conservator of Britney Spears' estate is moving to withdraw as a result of her bombshell testimony decrying the conservatorship as "abusive."
Bessemer Trust, a wealth management firm, requested to resign from Spears' conservatorship in a court filing Thursday, citing "changed circumstances," The New York Times reports.
Last year, a judge appointed Bessemer Trust to serve as co-conservator of Spears' estate alongside the pop star's father, Jamie, who she has asked to be removed from the conservatorship. According to the Times, though, the company hadn't yet taken any actions as co-conservator.
The Thursday filing stated that Bessemer Trust is seeking to withdraw as a result of Spears' recent stunning testimony in court, in which she spoke out against the conservatorship and asked for it to be ended.
"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," the court filing says, per the Times. "Petitioner has heard the Conservatee and respects her wishes."
TMZ reported that the company is "bailing" on the conservatorship because the situation has become a "hornet's nest" amid the growing outcry. On Wednesday, a judge rejected Spears' request to have father removed from the conservatorship, though this wasn't a response to the June 23 hearing. Spears' attorney has reportedly not yet filed a request to end the conservatorship.