Cohan v. Citicorp

Plaintiffs, Richard S. Cohan and Rose Cohan, on behalf of themselves and all others similarly situated, brought a class action against defendants, Citicorp and Citibank, N.A. Plaintiffs sought declaratory relief and money damages stemming from the assessment of custodial fees charged by defendants for services performed in connection with "American Depository Receipts” (ADR’s). Following a hearing on defendants’ motion to dismiss, the trial court dismissed plaintiffs’ four-count complaint with prejudice. The court dismissed the first count, ruling that declaratory relief is not an available…