Cook County Judge Jesse Reyes ruled Chase Manhattan Bank was within its rights to sue McQuarters for failing to pay the mortgage on his luxury condominium, Lamborghini and Hummer.
McQuarters had claimed in a counter-suit the bank's representatives had violated consumer fraud acts and its employees had forged his signature on bank documents, The Chicago Sun-Times reported.
Reyes ruled McQuarters had no basis for his claims.
McQuarters had also claimed he should not be required to pay for Chase's lawyer fees and other costs associated with the lawsuits.
Reyes ordered McQuarters to pay those fees too, which amount to about $20,000, the newspaper said.