Britney Spears‘ father Jamie Spears has suffered a significant loss in the ongoing court battle surrounding the singer’s conservatorship.
A judge ruled on Thursday (February 11) that Jamie will not have the right to delegate investment powers for the multi-million-dollar estate, after he was criticised as part of the #FreeBritney movement.
The latest ruling comes after the pop singer filed a petition with Los Angeles Superior Court to remove Jamie as the sole conservator of her estate.
Instead, Britney proposed that a financial institution should take her father’s place and handle her significant net worth.
While Britney’s proposal was ultimately turned down, financial institution the Bessemer Trust was appointed as co-conservator and corporate fiduciary in November 2020.
At yesterday’s hearing, Jamie lost his bid to retain the power to control investment powers for the estate as part of the co-conservatorship.
Britney’s lawyer had previously argued that a co-conservatorship would reduce Jamie’s role in the arrangement, instead allowing it to be balanced with a third party financial firm.
While Judge Brenda J Perry denied Jamie’s request, the singer’s lawyer reiterated once more that she does not want her father to be a co-conservator, but conceded that his role may be revised at a later date.
Britney Spears (Picture: Tim Mosenfelder/Getty Images)
Responding to the latest proceedings, Jamie’s lawyer Vivian L Thoreen said: “My client looks forward to working with Bessemer to continue an investment strategy in the best interests of his daughter.”
Jamie Spears has controlled his daughter’s finances and personal affairs since her public breakdown in 2008.
It comes days after the release of a new Hulu documentary, Framing Britney Spears, which takes a look at the singer’s chequered career and the #FreeBritney movement that has rallied against her ongoing conservatorship.
The documentary has led to an outpouring of support for the singer, as well as renewed criticism for how Justin Timberlake treated Spears, his ex-girlfriend of three years.
Stars including Paramore’s Hayley Williams and Casey Musgraves have also supported Spears in the wake of the documentary’s release.
Another hearing regarding the conservatorship is set for 17 March.