Error when running web applications in local tomcat after latest update

I just updated to the latest version of IntelliJ on OS X and when I go to revisit some old web applications configured for tomcat, I get the following stack trace (It worked prior to the update) when I try to start the local server and run the exploded war.

Error:Internal error: (java.util.concurrent.ExecutionException) java.lang.NoClassDefFoundError: org/jetbrains/jps/model/module/impl/JpsModuleSourceDependencyImpl
java.util.concurrent.ExecutionException: java.lang.NoClassDefFoundError: org/jetbrains/jps/model/module/impl/JpsModuleSourceDependencyImpl
    at java.util.concurrent.FutureTask.report(FutureTask.java:122)
    at java.util.concurrent.FutureTask.get(FutureTask.java:192)
    at org.jetbrains.jps.model.serialization.JpsProjectLoader.loadModules(JpsProjectLoader.java:281)
    at org.jetbrains.jps.model.serialization.JpsProjectLoader.loadModules(JpsProjectLoader.java:238)
    at org.jetbrains.jps.model.serialization.JpsProjectLoader.loadFromDirectory(JpsProjectLoader.java:124)
    at org.jetbrains.jps.model.serialization.JpsProjectLoader.loadProject(JpsProjectLoader.java:100)
    at org.jetbrains.jps.model.serialization.impl.JpsSerializationManagerImpl.loadModel(JpsSerializationManagerImpl.java:41)
    at org.jetbrains.jps.cmdline.JpsModelLoaderImpl.loadModel(JpsModelLoaderImpl.java:45)
    at org.jetbrains.jps.cmdline.BuildRunner.load(BuildRunner.java:79)
    at org.jetbrains.jps.cmdline.BuildSession.runBuild(BuildSession.java:266)
    at org.jetbrains.jps.cmdline.BuildSession.run(BuildSession.java:125)
    at org.jetbrains.jps.cmdline.BuildMain$MyMessageHandler$1.run(BuildMain.java:232)
    at org.jetbrains.jps.service.impl.SharedThreadPoolImpl$1.run(SharedThreadPoolImpl.java:44)
    at java.util.concurrent.Executors$RunnableAdapter.call(Executors.java:511)
    at java.util.concurrent.FutureTask.run(FutureTask.java:266)
    at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1142)
    at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:617)
    at java.lang.Thread.run(Thread.java:745)
Caused by: java.lang.NoClassDefFoundError: org/jetbrains/jps/model/module/impl/JpsModuleSourceDependencyImpl
    at org.jetbrains.jps.model.module.impl.JpsDependenciesListImpl.addModuleSourceDependency(JpsDependenciesListImpl.java:86)
    at org.jetbrains.jps.model.module.impl.JpsModuleImpl.<init>(JpsModuleImpl.java:54)
    at org.jetbrains.jps.model.impl.JpsElementFactoryImpl.createModule(JpsElementFactoryImpl.java:55)
    at org.jetbrains.jps.model.serialization.JpsProjectLoader.createModule(JpsProjectLoader.java:339)
    at org.jetbrains.jps.model.serialization.JpsProjectLoader.loadModule(JpsProjectLoader.java:299)
    at org.jetbrains.jps.model.serialization.JpsProjectLoader.access$000(JpsProjectLoader.java:62)
    at org.jetbrains.jps.model.serialization.JpsProjectLoader$2.call(JpsProjectLoader.java:276)
    at org.jetbrains.jps.model.serialization.JpsProjectLoader$2.call(JpsProjectLoader.java:273)
    at java.util.concurrent.FutureTask.run(FutureTask.java:266)
    at com.intellij.util.concurrency.BoundedTaskExecutor.runFirstTaskThenPollAndRunRest(BoundedTaskExecutor.java:178)
    at com.intellij.util.concurrency.BoundedTaskExecutor.access$000(BoundedTaskExecutor.java:40)
    at com.intellij.util.concurrency.BoundedTaskExecutor$2.run(BoundedTaskExecutor.java:197)
    ... 6 more

I'm completely clueless and have no idea how to proceed. Please advise.

Thanks