Following two constructors did not throw "IllegalArgumentExceptions" when given invalid url.
public URLPermission(String url, String actions)
public URLPermission(String url)
The behavior is not consistent with Javadoc descriptios:
    IllegalArgumentException - if url does not result in a valid URI
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Ran test below with latest promoted binaries and test failed:

import java.net.*;
public class TestConstructor {
    public static void main(String args[]){
        String invalidURI="http:\\www.oracle.com";
        try{
            URI u = URI.create(invalidURI);
        }catch(IllegalArgumentException e){
            System.out.println(invalidURI+" is an invalid URI");
        }
        try{
            URLPermission permission = new URLPermission(invalidURI);
            System.out.println("test fail");
        }catch (IllegalArgumentException e){
            System.out.println("test pass");
        }
    }
}

commands & results:
-bash-4.1$ /java/re/jdk/8/promoted/latest/binaries/linux-amd64/bin/java -version
java version "1.8.0-ea"
Java(TM) SE Runtime Environment (build 1.8.0-ea-b114)
Java HotSpot(TM) 64-Bit Server VM (build 25.0-b56, mixed mode)
bash-4.1$ /java/re/jdk/8/promoted/latest/binaries/linux-amd64/bin/javac TestConstructor.java
-bash-4.1$ /java/re/jdk/8/promoted/latest/binaries/linux-amd64/bin/java TestConstructor
http:\www.oracle.com is an invalid URI
test fail