Recently, I upgraded my GAE SDK to ver. 1.7.4 and it started to throw \'InvalidCertificateException\' when I try to run development server. I searched about this error and s
Compact answer, current as of January 2014 (just survived an SDK update):
rm file /Applications/GoogleAppEngineLauncher.app/Contents/Resources/GoogleAppEngine-default.bundle/Contents/Resources/google_appengine/lib/cacerts/urlfetch_cacerts.txt
or ...
cd /Applications/GoogleAppEngineLauncher.app/Contents/Resources/GoogleAppEngine-default.bundle/Contents/Resources/google_appengine/lib/cacerts/
rm urlfetch_cacerts.txt
and everything runs smoothly again.
And you better delete "cacerts.txt" (in the same directory), too. Otherwise the sdk command line tools will throw exceptions, too :(