MR JOLLY,
I was wrong about the amps and volts. I paid more attention to my setup (my charger has a built-in balancer but is sort of wired the same way as yours, needing 3 wires to balance and 2 to charge), and the amps are constant at near the amps you set it at and it only starts dropping off only when the battery is at 4.2volts. I guess this is what they mean by constant current, constant voltage. The charger tries to maintain a constant current unless the voltage is reached, in which case, it charges at constant voltage (and dropping current). Of course, this doesnt solve your problem with the open circuit error. Maybe a tab in your battery is broken or melted or maybe something came out of your connector.
This brings up another question. Would we be able to get more life out of our batteries if we charge it to 4.1 volts at 1C (Lithium Ion mode charges to this voltage) and then charge the remainder at under 1C, say 0.5 C?