I thought it was one of the two Capcom Dungeons & Dragons games, but it doesn't seem to be the case. Here's what I remember:
-It was typical fantasy based
-There were multiple characters
-It was very linear, with very little vertical movement
-Each character had their own element, most notably in their special (one of the guys had fire, and a female could summon a whirlwind)
-It seemed to be a mid-90's game, much like the Dungeons & Dragons games.
That's all I really remember, because I never really played it. I only watched the demo a few times.