Scottie Pippen has ADMITTED he was a walking financial disaster ... and has NO right to sue over reports that he was dead broke ... this according to new legal docs obtained by TMZ.

We broke the story ... Pippen smacked CBS, NBC, Arizona State University and others with a lawsuit last year ... claiming they all published stories that unfairly labelled him as a bankrupt ex-jock. Pippen wanted at least $1 MILLION from each outlet.

Now, CBS and NBC have filed new docs asking the judge to throw out the case ... claiming they felt comfortable publishing their stories because for years Pippen "was the focus of a steady drum beat of press coverage recounting his ongoing and, by his own account, increasingly dire financial circumstances."

In fact, the media outlets claim the former NBA star was quoted in a 2004 article about athletes with money problems ... saying, "You can wake up one day, and someone can decide to take everything you have."

NBC and CBS are adamant ... there was no malicious intent in reporting the bankruptcy stories ... and therefore they shouldn't have to pay Pippen a single cent.

Now, it's up to the judge to decide if the case should go forward. Stay tuned ...

Scottie Pippen claims he's been unfairly portrayed in the media as a walking financial disaster -- and now he's suing every media outlet that reported he went bankrupt ... claiming he hasn't been worth LESS than $40,000,000 in the last 10 years. 

Pippen has filed a lawsuit against TONS of online media outlets -- including CBSsports.com, CNBC.com, Arizona State University and more -- claiming they all falsely reported the former Chicago Bulls star had gone belly up.

According to the docs, filed in federal court in Illinois and obtained by TMZ ... Pippen claims, "It is a most foul libel indeed to be falsely accused of being bankrupt."

The lawsuit continues, "Scottie never filed bankruptcy and indeed has a substantial net worth, which has not been less than approximately $40,000,000 in the last ten years."

Pippen claims CNBC.com included him in an article titled, "15 Athletes Gone Bankrupt" ... and CBSsports.com posted a photo of Pippen along with a story about NBA players and bankruptcy.

As for ASU -- Pippen claims he was tagged as a person who had gone bankrupt in a law blog operated by the University.

Pippen claims each media outlet that besmirched his good name should fork over at least $1 MILLION in damages.