Nintendo have aimed their lawyers at two large emulation sites in a court filing (obtained by TorrentFreak here). They are seeking statutory damages of $150,000 per infringing Nintendo game and up to $2,000,000 for each trademark infringement, totalling as much as $100 million.
The sites, owned by Mathias Designs LLC, are being targeted because they "are among the most open and notorious online hubs for pirated video games", according to the complaint, and are seen to be making a profit, unlike some "hobby" emulation sites.
“Through the LoveROMs and LoveRETRO websites, Defendants reproduce, distribute, publicly perform and display a staggering number of unauthorized copies of Nintendo’s video games, all without Nintendo’s permission.”
They also aren't keen on the sites using Nintendo assets, such as logos and box art.
In response, LoveROMS.com have removed anything vaguely "Nintendo" from the site, and LoveRETRO.co now has a notice saying that it has "effectively shut down until further notice".
A few years ago, I wrote an article about how games companies should release official emulators. Judging by the fact that Nintendo simply cannot keep the NES and SNES Classics in the shops has only strengthened my stance on the topic - people will buy games they love in as many ways as you're going to release them. So release them!