Rihanna drops `fraud` lawsuit against ex-accountants

New York: Rihanna has dropped her fraud lawsuit against her former accountants after they filed a countersuit stating that her "exorbitant" spending was the real reason she nearly went broke in 2010.

The 26-year-old Barbadian recording artist had claimed that the bad advice she got from Peter Gounis, co-worker Michael Mitnick and the firm Berdon LLP to buy a 6.9 million dollar mansion even though she was bleeding cash in 2009 and had lost 9 million dollars, led to her being nearly broke, the New York Post reported.

In response, lawyers for Gounis, Mitnick and Berdon have fired back claiming that the 'Diamonds' singer has only herself to blame and her 2010 'Last Girl on Earth' tour was among the top reasons for her financial crisis.

However, lawyers for both sides refused to discuss settlement terms.