I eventually figured out the answer to this question by reading through some old help threads at Telerik's forums. Basically, you need to disable the context menu in the RadChartView altogether, below is the code to do so in VB.net.
Private Sub RemoveContextMenu(ByVal Sender As Object, ByVal e As ChartViewContextMenuOpeningEventArgs) Handles RadChartView.ContextMenuOpening
e.ContextMenu.Dispose()
End Sub