Tony Buzbee is taking a victory lap around Jay-Z … because after a judge dismissed a lawsuit Jay filed against him, Buzbee told us he’s planning to go after HOV’s attorneys for a lot of money.

Here’s the deal … Jay-Z was suing Buzbee for extortion and defamation, until a California judge stepped in Monday and tossed the lawsuit out of court.

Buzbee’s now licking his chops, telling TMZ … the case was dismissed “in a lengthy, well-reasoned opinion” and he will now be asking for “a lot” of money for attorneys’ fees for “defending against a meritless case.”

Alex Spiro‘s law firm represented Jay-Z in his lawsuit against Buzbee — which was filed last year after Buzbee filed a separate lawsuit claiming Jay-Z raped a 13-year-old girl alongside Diddy — and Spiro tells TMZ … “We are surprised and disappointed by this ruling which turns on the misapplication of California law on the admissibility of the investigators’ statements.”