Jay-Z, Diddy Rape Accuser Dismisses Lawsuit

Diddy's finally getting a legal victory -- and Jay-Z's celebrating too ... as the woman who'd accused them of raping her when she was 13, is now dismissing her lawsuit.

The Jane Doe accuser filed docs in federal court to voluntarily dismiss the case with prejudice, which means it can't be refiled. It's a huge 'W' for both music moguls, but Jay, in particular, insisted all along he would not give in to the false allegation ... and now he's come out on top.

You'll recall, the accuser claimed she met Jay and Diddy at a VMA after-party back in 2000, but her lawsuit -- which was filed in December -- was filled with inaccuracies, which came out in the weeks following her suit.

Among the massive holes in her story -- she alleged the assault went down at a house that night, but there are multiple photos of Jay-Z at a popular NYC nightclub that night. She also claimed her father picked her up from the house, but even he said he had no memory of that ever happening ... plus, she said she met Benji Madden that night, and he was on tour and nowhere near NYC.

As you can imagine, Jay-Z is thrilled by the news, but clearly still pissed he ever had to face the allegations. He tells TMZ ... "Today is a victory. The frivolous, fictitious and appalling allegations have been dismissed. This civil suit was without merit and never going anywhere. The fictional tale they created was laughable, if not for the seriousness of the claims. I would not wish this experience on anyone. The trauma that my wife, my children, my loved ones and I have endured can never be dismissed."

He added a shot at the plaintiff's attorney Tony Buzbee, saying, "This 1-800 lawyer gets to file a suit hiding behind Jane Doe, and when they quickly realize that the money grab is going to fail, they get to walk away with no repercussions. The system has failed."

Jay says, of course, he's all for the legal system protecting victims, but believes the courts must also "protect the innocent from being accused without a shred of evidence. May the truth prevail for all victims and those falsely accused equally.”

Jay's attorney Alex Spiro says, “By standing up in the face of heinous and false allegations, Jay has done what few can – he pushed back, he never settled, he never paid 1 red penny, he triumphed and cleared his name.”

We reached out to Buzbee, and he declined to comment.

Meanwhile, Diddy's legal team has lots to say, especially about Buzbee ... calling the dismissal "confirmation that these lawsuits are built on falsehoods, not facts. For months, we have seen case after case filed by individuals hiding behind anonymity, pushed forward by an attorney more focused on media headlines than legal merit. Just like this claim, the others will fall apart because there is no truth to them."